Fairness Opinion

Duff & Phelps Advised the Special Committee of the Board of Directors of Xtant Medical Holdings, Inc. (NYSE American: XTNT) in Its Debt Restructuring Transaction

On August 10, 2020, Xtant Medical Holdings, Inc. (NYSE American: XTNT) ("the Company"), a global medical technology company focused on surgical solutions for the treatment of spinal disorders, announced that it has entered into a Restructuring and Exchange Agreement with the lenders under its credit facility to restructure Xtant’s outstanding indebtedness, including the exchange of certain indebtedness outstanding under the facility, together with accrued and unpaid interest thereon, into shares of Xtant common stock.

The primary purpose of the restructuring is to improve Xtant’s capital structure by reducing its outstanding debt, which the Company expects will facilitate future access to capital markets for investment in its growth initiatives, and provide a path to possibly regain compliance with the NYSE American continued listing standards.

Duff & Phelps served as a financial advisor to the special committee of the board of directors of Xtant Medical Holdings, Inc.and provided a fairness opinion in connection with the transaction.

About Xtant Medical Holdings, Inc. 
Xtant Medical Holdings, Inc. is a global medical technology company focused on the design, development, and commercialization of a comprehensive portfolio of orthobiologics and spinal implant systems to facilitate spinal fusion in complex spine, deformity and degenerative procedures. Fox Rothschild LLP served as legal counsel to Xtant Medical Holdings, Inc. and Stoel Rives LLP served as legal counsel to the special committee.

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