Item 1. Legal Proceedings
ITEM
1. LEGAL PROCEEDINGS
We
may become, from time to time, involved in routine litigation or subject to disputes or claims related to our business activities. Other
than as described below, we are not currently party to any pending legal proceedings that we believe would, individually or in the aggregate,
have a material adverse effect on our financial condition, cash flows or results of operations.
On
November 22, 2022, Expion360 Inc. received notice of a complaint (the “Complaint”)
filed against it in Oregon state court by Ravi Sinha. The Complaint alleges, inter alia ,
that Mr. Sinha is entitled to 282,284 shares of the Company’s common stock, or in the alternative, $300,000 plus interest, in connection
with services he previously rendered the Company as its chief executive officer. On March 21, 2023, the Company entered into a settlement
agreement with Mr. Sinha and the matter has been resolved with cash and the issuance of common stock.
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