SEC v. Harmel S. Rayat; RenovaCare, Inc.; and Jatinder Bhogal, No. LR-25945, Southern District of New York (Feb. 27, 2024) — Press Release

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25945 / February 27, 2024 Securities and Exchange Commission v. Harmel S. Rayat, RenovaCare, Inc., Jatinder Bhogal, Jeetenderjit Singh Sidhu, and Sharon Fleming, No. 1:21-cv-04777 (S.D.N.Y.) Final Judgments Entered Against Harmel S. Rayat, Jatinder Bhogal, and RenovaCare, Inc. in Microcap Fraud Case On February 27, 2024, the Honorable Lewis J. Liman entered final judgments against defendants Harmel S. Rayat, Jatinder Bhogal, and RenovaCare, Inc., along with relief defendant 1420527 Alberta Ltd., in SEC v. Harmel S. Rayat, et al., No. 1:21‑cv‑04771, a case in the United States District Court for the Southern District of New York. The SEC’s amended complaint, filed on August 30, 2022, charges Rayat, a Canadian citizen and controlling shareholder of RenovaCare, Bhogal, a Canadian citizen and former advisor and chief operating officer of RenovaCare, and RenovaCare, a Nevada corporation purportedly developing a medical device called the “SkinGun,” with securities fraud. The amended complaint alleges the defendants conducted a fraudulent “pump and dump” scheme that included materially false statements to investors, undisclosed sales of shares while promoting the stock, and manipulative trading. The amended complaint also charges other associates of Rayat and Bhogal, and names several relief defendants, including 1420527 Alberta Ltd., an entity Bhogal owns and controls. Rayat, Bhogal, and RenovaCare consented to the final judgments without admitting or denying the allegations. The final judgment against Rayat permanently enjoins him from violating Section 17(a) of the Securities Act of 1933 (“Securities Act”) and Sections 10(b) and 20(b) of the Securities Exchange Act of 1934 (“Exchange Act”), and Rule 10b-5 thereunder; prohibits Rayat from acting as an officer or director of a public company; bars Rayat from participating in the offering of any penny stock; and orders Rayat to pay disgorgement of $1,270,352, prejudgment interest of $207,656, and a civil penalty of $1,270,352. The final judgment against Bhogal permanently enjoins him from violating Securities Act Section 17(a) and Exchange Act Sections 9(a)(2) and 10(b), and Rule 10b-5 thereunder; prohibits Bhogal from acting as an officer or director of a public company for 10 years; bars Bhogal from participating in the offering of any penny stock; orders Bhogal and 1420527 Alberta Ltd. to pay, jointly and severally, disgorgement of $1,136,182 and prejudgment interest of $194,562; and orders Bhogal to pay a civil penalty of $669,687. The final judgment against RenovaCare permanently enjoins the company from violating Securities Act Section 17(a) and Exchange Act Section 10(b) and Rule 10b-5 thereunder and Section 15(d) and Rules 12b-20 and 15d-11; and orders the company to pay a civil penalty of $500,000. The court previously entered final judgments against Sharon Fleming (also known as Sharon Hebgin) and Jeetenderjit “Jeet” Singh Sidhu. These final judgments against Rayat, Bhogal, and RenovaCare conclude the litigation. The SEC’s investigation was conducted by Darren E. Long, with the assistance of Brian Shute and Jessica Regan, and supervised by Brian O. Quinn and Carolyn M. Welshhans. The litigation was led by Matthew Scarlato and John J. Bowers and supervised by James Carlson. For further information, see Litigation Release Nos. 25102, 25487, and 25883. Final Judgment – Harmel S. Rayat Final Judgment – Jatinder Bhogal Final Judgment – RenovaCare, Inc.

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25945 / February 27, 2024 Securities and Exchange Commission v. Harmel S. Rayat, RenovaCare, Inc., Jatinder Bhogal, Jeetenderjit Singh Sidhu, and Sharon Fleming, No. 1:21-cv-04777 (S.D.N.Y.) Final Judgments Entered Against Harmel S. Rayat, Jatinder Bhogal, and RenovaCare, Inc. in Microcap Fraud Case On February 27, 2024, the Honorable Lewis J. Liman entered final judgments against defendants Harmel S. Rayat, Jatinder Bhogal, and RenovaCare, Inc., along with relief defendant 1420527 Alberta Ltd., in SEC v. Harmel S. Rayat, et al., No. 1:21‑cv‑04771, a case in the United States District Court for the Southern District of New York. The SEC’s amended complaint, filed on August 30, 2022, charges Rayat, a Canadian citizen and controlling shareholder of RenovaCare, Bhogal, a Canadian citizen and former advisor and chief operating officer of RenovaCare, and RenovaCare, a Nevada corporation purportedly developing a medical device called the “SkinGun,” with securities fraud. The amended complaint alleges the defendants conducted a fraudulent “pump and dump” scheme that included materially false statements to investors, undisclosed sales of shares while promoting the stock, and manipulative trading. The amended complaint also charges other associates of Rayat and Bhogal, and names several relief defendants, including 1420527 Alberta Ltd., an entity Bhogal owns and controls. Rayat, Bhogal, and RenovaCare consented to the final judgments without admitting or denying the allegations. The final judgment against Rayat permanently enjoins him from violating Section 17(a) of the Securities Act of 1933 (“Securities Act”) and Sections 10(b) and 20(b) of the Securities Exchange Act of 1934 (“Exchange Act”), and Rule 10b-5 thereunder; prohibits Rayat from acting as an officer or director of a public company; bars Rayat from participating in the offering of any penny stock; and orders Rayat to pay disgorgement of $1,270,352, prejudgment interest of $207,656, and a civil penalty of $1,270,352. The final judgment against Bhogal permanently enjoins him from violating Securities Act Section 17(a) and Exchange Act Sections 9(a)(2) and 10(b), and Rule 10b-5 thereunder; prohibits Bhogal from acting as an officer or director of a public company for 10 years; bars Bhogal from participating in the offering of any penny stock; orders Bhogal and 1420527 Alberta Ltd. to pay, jointly and severally, disgorgement of $1,136,182 and prejudgment interest of $194,562; and orders Bhogal to pay a civil penalty of $669,687. The final judgment against RenovaCare permanently enjoins the company from violating Securities Act Section 17(a) and Exchange Act Section 10(b) and Rule 10b-5 thereunder and Section 15(d) and Rules 12b-20 and 15d-11; and orders the company to pay a civil penalty of $500,000. The court previously entered final judgments against Sharon Fleming (also known as Sharon Hebgin) and Jeetenderjit “Jeet” Singh Sidhu. These final judgments against Rayat, Bhogal, and RenovaCare conclude the litigation. The SEC’s investigation was conducted by Darren E. Long, with the assistance of Brian Shute and Jessica Regan, and supervised by Brian O. Quinn and Carolyn M. Welshhans. The litigation was led by Matthew Scarlato and John J. Bowers and supervised by James Carlson. For further information, see Litigation Release Nos. 25102, 25487, and 25883. Final Judgment – Harmel S. Rayat Final Judgment – Jatinder Bhogal Final Judgment – RenovaCare, Inc.