Blue Water Biotech, Inc. announced that Effective as of August 16, 2023, Joseph Hernandez resigned as Chairman, and a member of the Board of Directors (the ?Board?) of Blue Water Biotech, Inc. (the ?Company?). The Company is reviewing its, and Mr. Hernandez?s, respective rights and obligations in connection with this resignation. Following Mr. Hernandez?s resignation, the Board appointed James Sapirstein to serve as Interim Executive Chairman, which appointment shall be effective September 30, 2023.

Mr. Sapirstein, an existing member of the Board, will step down as a member of each of the Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee upon the effectiveness of his appointment as Interim Executive Chairman. Prior to his appointment, Mr. Sapirstein shall serve as Lead Independent Director of the Board. Mr. Sapirstein shall receive $25,000 per month as compensation for his services as Interim Executive Chairman and, pending such appointment, Lead Independent Director.