<SEC-DOCUMENT>0001104659-23-070345.txt : 20230612
<SEC-HEADER>0001104659-23-070345.hdr.sgml : 20230612
<ACCEPTANCE-DATETIME>20230612160841
ACCESSION NUMBER:		0001104659-23-070345
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20230612
FILED AS OF DATE:		20230612
DATE AS OF CHANGE:		20230612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TH International Ltd
		CENTRAL INDEX KEY:			0001877333
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41516
		FILM NUMBER:		231008123

	BUSINESS ADDRESS:	
		STREET 1:		C/O CARTESIAN CAPITAL GROUP LLC
		STREET 2:		505 5TH AVENUE, 15TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		(1) 917 294 1353

	MAIL ADDRESS:	
		STREET 1:		C/O CARTESIAN CAPITAL GROUP LLC
		STREET 2:		505 5TH AVENUE, 15TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2318443d1_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report of Foreign Private Issuer </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Rule 13a-16 or 15d-16&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>under the Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of June 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-41516</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TH International Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2501 Central Plaza</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>227 Huangpi North Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shanghai, People&#8217;s Republic of China,
200003</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+86-021-6136-6616</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive offices) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form&nbsp;40-F.&nbsp;Form&nbsp;20-F&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>INFORMATION CONTAINED
IN THIS REPORT ON FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">As previously disclosed,
on May 12, 2023, TH International Limited, <FONT STYLE="background-color: white">a Cayman Islands exempted company</FONT> (the &#8220;Company&#8221;),
announced the commencement of an exchange offer (the &#8220;Offer&#8221;) and consent solicitation (the &#8220;Consent Solicitation&#8221;)
relating to its outstanding (i) public warrants to purchase ordinary shares of the Company, par value <FONT STYLE="background-color: white">$0.00000939586994067732</FONT>
per share (the &#8220;Ordinary Shares&#8221;), which warrants trade on The Nasdaq Capital Market under the symbol &#8220;THCHW&#8221;
(the &#8220;public warrants&#8221;), and (ii) private placement warrants to purchase Ordinary Shares (the &#8220;private placement warrants&#8221;
and, together with the public warrants, the &#8220;warrants&#8221;). The Company offered to all holders of the warrants the opportunity
to receive 0.24 Ordinary Shares in exchange for each outstanding warrant tendered by the holder and exchanged pursuant to the Offer. Concurrently
with the Offer, the Company solicited consents from holders of the warrants to amend the warrant agreement that governs all of the warrants
(the &#8220;Warrant Agreement&#8221;) to permit the Company to require that each warrant that is outstanding upon the closing of the Offer
be exchanged for <FONT STYLE="background-color: white">0.216</FONT> Ordinary Shares, which is a ratio 10% less than the exchange ratio
applicable to the Offer (such amendment, the &#8220;Warrant Amendment&#8221;).</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">The Offer and Consent
Solicitation expired at 11:59 p.m., Eastern Time, on June 9, 2023. The Company has been advised that 14,073,888 public warrants and 5,650,000
private placement warrants, or approximately 81.6% of the outstanding public warrants and 100% of the outstanding private placement warrants,
respectively, were validly tendered and not validly withdrawn prior to the expiration of the Offer and Consent Solicitation. The Company
expects to accept all validly tendered warrants for exchange and settlement on or before June 14, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">In addition, pursuant
to the Consent Solicitation, the Company received the approval of parties representing approximately 81.6% of the outstanding public warrants
and approximately 100% of the outstanding private placement warrants to enter into the Warrant Amendment, which exceeds the threshold
of 50% of each of the outstanding public warrants and outstanding private placement warrants required to effect the Warrant Amendment.
Accordingly, the Company and Continental Stock Transfer &amp; Trust Company entered into the Warrant Amendment, dated June 12, 2023, and
the Company announced that it will exercise its right, in accordance with the terms of the Warrant Amendment, to exchange each warrant
that is outstanding upon the closing of the Offer for 0.216 Ordinary Shares per warrant (the &#8220;Post-Offer Exchange&#8221;). The Company
has fixed the date for the Post-Offer Exchange as June 27, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">In exchange for the tendered
warrants and following the Post-Offer Exchange, the Company will issue 5,419,773 Ordinary Shares, par value <FONT STYLE="background-color: white">$0.00000939586994067732</FONT>
per share (the &#8220;Exchange Shares&#8221;). Such Exchange Shares will represent 3.38% of the total amount of outstanding Ordinary Shares
as of June 12, 2023. The Exchange Shares were registered with the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;)
pursuant to a registration statement on Form F-4, which was declared effective by the Commission on June 8, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">The foregoing description
of the Warrant Amendment is qualified in its entirety by reference to the Warrant Amendment, which is filed as Exhibit 4.1 to this Current
Report on Form 6-K and is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>No Offer or Solicitation</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">This announcement is for informational purposes
only and shall not constitute an offer to purchase or a solicitation of an offer to sell the warrants or an offer to sell or a solicitation
of an offer to buy any ordinary shares in any state in which such offer, solicitation, or sale would be unlawful before registration or
qualification under the laws of any such state. The Offer and Consent Solicitation were made only through, and pursuant to the terms and
conditions set forth in, the Company&#8217;s Schedule TO, prospectus/offer to exchange, and related letter of transmittal, and the complete
terms and conditions of the Offer and Consent Solicitation are set forth in the Schedule TO, prospectus/offer to exchange, and related
letter of transmittal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">A registration statement on Form F-4 filed
by the Company with the Commission registering the ordinary shares issuable in the Offer and the Post-Offer Exchange was declared effective
by the Commission on June 8, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Certain statements in this Current Report
on Form 6-K may be considered forward-looking statements within the meaning of the &#8220;safe harbor&#8221; provisions of the United
States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally
relate to future events or the Company&#8217;s future financial or other performance metrics. In some cases, you can identify forward-looking
statements by terminology such as &#8220;believe,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;potentially,&#8221; &#8220;estimate,&#8221;
 &#8220;continue,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;could,&#8221; &#8220;would,&#8221; &#8220;project,&#8221;
 &#8220;target,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221; or the negatives of these terms or variations of them or similar terminology.
Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those
expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible
to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered
reasonable by the Company and its management, as the case may be, are inherently uncertain and subject to material change. Factors that
may cause actual results to differ materially from current expectations include various factors beyond management&#8217;s control, including,
but not limited to, our ability to successfully exercise the remaining warrants pursuant to the Warrant Amendment; general economic conditions
and other risks, uncertainties and factors set forth in the sections entitled &#8220;Risk Factors&#8221; and &#8220;Forward-Looking Statements&#8221; in the Company&#8217;s Annual Report on Form 20-F, and other filings it makes with the Securities
and Exchange Commission. Nothing in this Current Report on Form 6-K should be regarded as a representation by any person that the forward-looking
statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved.
You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made
and are qualified in their entirety by reference to the cautionary statements herein. Except as required by law, the Company expressly
disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein
to reflect any change in the Company&#8217;s expectations with respect thereto or any change in events, conditions or circumstances on
which any statement is based.&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>INDEX TO EXHIBITS</B>&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; width: 10%"><FONT STYLE="font-size: 10pt"><B>Exhibit<BR> Number</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 89%"><FONT STYLE="font-size: 10pt"><B>Exhibit Title</B></FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><A HREF="tm2318443d1_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><A HREF="tm2318443d1_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Amendment No. 1 to Assignment, Assumption and Amended &amp; Restated Warrant Agreement, dated June 12, 2023, by and between Continental Stock Transfer &amp; Trust Company and the Company</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><A HREF="tm2318443d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">99.1</FONT></A></TD>
<TD>&nbsp;</TD>
<TD><A HREF="tm2318443d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Press Release, dated June 12, 2023</FONT></A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt"><B>TH International Limited</B></FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">Date: June 12, 2023</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid">/s/ Dong Li</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>Dong Li</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DESCRIPTION>EXHIBIT 4.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENT NO. 1 TO ASSIGNMENT, ASSUMPTION AND
AMENDED &amp; RESTATED WARRANT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This amendment (this &ldquo;<B><I>Amendment</I></B>&rdquo;)
is made as of June 12, 2023, by and between TH International Limited, a Cayman Islands exempted company (the &ldquo;<B><I>Company</I></B>&rdquo;),
and Continental Stock Transfer &amp; Trust Company, a New York corporation, as warrant agent (the &ldquo;<B><I>Warrant Agent</I></B>&rdquo;),
and constitutes an amendment to that certain Assignment, Assumption and Amended &amp; Restated Warrant Agreement, dated as of September
28, 2022 (the &ldquo;<B><I>Existing Warrant Agreement</I></B>&rdquo;), by and among Silver Crest Acquisition Corporation (&ldquo;<B><I>Silver
Crest</I></B>&rdquo;), the Company and the Warrant Agent. Capitalized terms used but not otherwise defined in this Amendment shall have
the meanings given to such terms in the Existing Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, on September 28, 2022, the Company consummated
the business combination with Silver Crest (the &ldquo;<B><I>Business Combination</I></B>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, in accordance with Section 4.5 of the
Existing Warrant Agreement, upon effectiveness of the Business Combination, the holders of the Warrants thereafter had the right to purchase
and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of Ordinary Shares of Silver Crest
immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, an Alternative Issuance (as defined
in the Existing Warrant Agreement) in shares of Class A ordinary shares, par value $0.00000939586994067732 per share, of the Company (the
 &ldquo;<B><I>Class A ordinary shares</I></B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, Section 9.8 of the Existing Warrant Agreement
provides that the Company and the Warrant Agent may amend, subject to certain conditions provided therein, the Existing Warrant Agreement
with the vote or written consent of the Registered Holders of 50% of the number of then outstanding Public Warrants and, solely with respect
to any amendment to the terms of the Private Placement Warrants, 50% of the number of the then outstanding Private Placement Warrants
and Public Warrants;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, the Company desires to amend the Existing
Warrant Agreement to provide the Company with the right to require the holders of the Warrants to exchange all of the outstanding Warrants
for shares of Class A ordinary shares, on the terms and subject to the conditions set forth herein; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WHEREAS, in the exchange offer and consent solicitation
undertaken by the Company pursuant to the Registration Statement on Form F-4 filed with the U.S. Securities and Exchange Commission (the
 &ldquo;Registration Statement&rdquo;), the Registered Holders of more than 50% of each of the then-outstanding Public Warrants and 50%
of the then-outstanding Private Placement Warrants consented to and approved this Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NOW, THEREFORE, in consideration of the mutual
agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and
intending to be legally bound hereby, the parties hereto agree to amend the Existing Warrant Agreement as set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">1. Amendment of Existing Warrant Agreement. The
Existing Warrant Agreement is hereby amended by adding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a) the new Section 6A thereto:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; font-size: 10pt; width: 0.75in"><FONT STYLE="font-size: 10pt">&ldquo;6A</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Mandatory Exchange.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">6A.1 Company Election to Exchange.
Notwithstanding any other provision in this Agreement to the contrary, all (and not less than all) of the outstanding Warrants may
be exchanged, at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office of
the Warrant Agent, upon notice to the Registered Holders of the then-outstanding Warrants, as described in Section 6A.2 below, for
shares of Class A ordinary shares (or any Alternative Issuance pursuant to Section 4.5), at the exchange rate of 0.216 shares of
Class A ordinary shares (or any Alternative Issuance pursuant to Section 4.5) for each Warrant held by the holder thereof (the
 &ldquo;<B><I>Consideration</I></B>&rdquo;) (subject to equitable adjustment by the Company in the event of any stock splits, stock
dividends, recapitalizations, or similar transaction with respect to the shares of Class A ordinary shares). In lieu of issuing
fractional shares, any holder of Warrants who would otherwise have been entitled to receive fractional shares as Consideration will,
after aggregating all such fractional shares of such holder, be paid in cash (without interest) in an amount equal to such
fractional part of a share multiplied by the last reported sale price of our ordinary shares on Nasdaq on the last trading day of
the Offer Period (as defined in the Registration Statement), less any applicable withholding taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">6A.2 Date Fixed for, and Notice of, Exchange.
In the event that the Company elects to exchange all of the Warrants, the Company shall fix a date for the exchange (the &ldquo;<B><I>Exchange
Date</I></B>&rdquo;) . Notice of exchange shall be mailed by first class mail, postage prepaid, by the Company not less than 15 days prior
to the Exchange Date to the Registered Holders at their last addresses as they shall appear on the registration books. Any notice mailed
in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such
notice. The Company will make a public announcement of its election following the mailing of such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">6A.3 Exercise After Notice of Exchange. The Warrants
may be exercised, for cash (or on a &ldquo;cashless basis&rdquo; in accordance with subsection 3.3.1(c) of this Agreement) at any time
after notice of exchange shall have been given by the Company pursuant to Section 6A.2 hereof and prior to the Exchange Date (such adjusted
exercise period, the &ldquo;<B>Adjusted Expiration Date</B>&rdquo;). On and after the Adjusted Expiration Date, the Registered Holder
of the Warrants shall have no further rights (including, for the avoidance of doubt, the right to exercise) except to receive, upon surrender
of the Warrants, the Consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">2. Miscellaneous Provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">2.1 Severability. This Amendment shall be deemed
severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this
Amendment or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties
hereto intend that there shall be added as a part of this Amendment a provision as similar in terms to such invalid or unenforceable provision
as may be possible and be valid and enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">2.2 Applicable Law. The validity, interpretation,
and performance of this Amendment and of the Warrants shall be governed in all respects by the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The
Company hereby agrees that any action, proceeding, or claim against it arising out of or relating in any way to this Amendment shall be
brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York,
and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">2.3 Counterparts. This Amendment may be executed
in any number of counterparts (which may include counterparts delivered by any standard form of telecommunication) and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
The words &ldquo;execution,&rdquo; &ldquo;signed,&rdquo; &ldquo;signature,&rdquo; and words of like import in this Amendment or in any
other certificate, agreement, or document related to this Amendment, if any, shall include images of manually executed signatures transmitted
by facsimile or other electronic format (including, without limitation, &ldquo;pdf,&rdquo; &ldquo;tif,&rdquo; or &ldquo;jpg&rdquo;) and
other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records
(including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic
means) shall be of the same legal effect, validity, and enforceability as a manually executed signature or use of a paper-based record-keeping
system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, and any other applicable law, including, without limitation, any state
law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">2.4 Effect of Headings. The section headings herein
are for convenience only and are not part of this Amendment and shall not affect the interpretation thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">2.5 Entire Agreement. The Existing Warrant
Agreement, as modified by this Amendment, constitutes the entire understanding of the parties and supersedes all prior agreements,
understandings, arrangements, promises, and commitments, whether written or oral, express, or implied, relating to the subject
matter hereof, and all such prior agreements, understandings, arrangements, promises, and commitments are hereby canceled and
terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Pages Follow</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IN WITNESS WHEREOF, each of the parties has caused
this Amendment to be duly executed as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>TH International Limited</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: black 1pt solid">/s/ Dong Li</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name: Dong Li</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title: Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>CONTINENTAL STOCK TRANSFER &amp; TRUST</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>COMPANY,</B>&nbsp;as Warrant Agent</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">/s/ Margaret B. Lloyd</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name: Margaret B. Lloyd</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title: Vice President</FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>tm2318443d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0"><FONT STYLE="font-size: 10pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tims China Announces
Successful Warrant Exchange Offer</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SHANGHAI, China
and NEW YORK, June 12, 2023 (GLOBE NEWSWIRE) &ndash;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">TH International
Limited&nbsp;(&ldquo;Tims China&rdquo; or the &ldquo;Company&rdquo; (Nasdaq: THCH)), the exclusive operator of Tim Hortons coffee shops
and Popeyes restaurants in China, today announced the successful results of its exchange offer (the &ldquo;Offer&rdquo;) and consent
solicitation (the &ldquo;Consent Solicitation&rdquo;) relating to its outstanding warrants. The Offer and Consent Solicitation expired
at 11:59 p.m., Eastern Time, on June 9, 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company has been advised that 14,073,888
public warrants and 5,650,000 private placement warrants, or approximately 81.6% of the outstanding public warrants and 100% of the outstanding
private placement warrants, respectively, were validly tendered and not validly withdrawn prior to the expiration of the Offer and Consent
Solicitation. The Company expects to accept all validly tendered warrants for exchange and settlement on or before June 14, 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">Pursuant to the
Consent Solicitation, the Company received the approval of parties representing approximately 81.6% of the outstanding public warrants
and 100% of the outstanding private placement warrants to amend the warrant agreement that governs the warrants (such amendment, the
 &ldquo;Warrant Amendment&rdquo;), which exceeds the thresholds required to effect the Warrant Amendment. Accordingly, the Company and
Continental Stock Transfer &amp; Trust Company entered into the Warrant Amendment, dated June 12, 2023, and the Company announced that
it will exercise its right, in accordance with the terms of the Warrant Amendment, to exchange each warrant that is outstanding upon
the closing of the Offer for 0.216 ordinary shares per warrant, which is a ratio 10% less than the exchange ratio applicable to the Offer
(the &ldquo;Post-Offer Exchange&rdquo;). The Company has fixed the date for the Post-Offer Exchange as June 27, 2023.</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">Pursuant to the
Offer and the Post-Offer Exchange, the Company is issuing 5,419,773 ordinary shares in exchange for the
warrants tendered in the Offer, increasing the Ordinary Shares outstanding from approximately 160,348,112 to 165,767,885.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">As a result of
the completion of the Offer and the Post-Offer Exchange, no warrants will remain outstanding. Accordingly, the public warrants will be
suspended from trading on the Nasdaq and will be delisted upon completion of the Post-Offer Exchange. The ordinary shares will continue
to be listed and trade on the Nasdaq under the symbol &ldquo;THCH.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">The purpose of
the Offer and Consent Solicitation is to simplify the Company&rsquo;s capital structure and reduce the potential dilutive impact of the
warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">Merrill Lynch (Asia
Pacific) Limited was the dealer manager for the Offer and Consent Solicitation. D.F. King &amp; Co., Inc. served as the information agent
for the Offer and Consent Solicitation, and Continental Stock Transfer &amp; Trust Company served as the exchange agent for the Offer
and Consent Solicitation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>About TH International Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">TH International Limited (Nasdaq: THCH)
(&ldquo;Tims China&rdquo;) is the parent company of the exclusive master franchisees of Tim Hortons coffee shops in mainland China, Hong
Kong, and Macau and Popeyes restaurants in mainland China and Macau. Tims China was founded by Cartesian Capital Group and Tim Hortons
Restaurants International, a subsidiary of Restaurant Brands International (TSX: QSR) (NYSE: QSR).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The company&rsquo;s
philosophy is rooted in world-class execution and data-driven decision making and centered on true local relevance, continuous innovation,
genuine community, and absolute convenience. For more information, please visit ir.timschina.com.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Forward-Looking Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Certain statements in this communication
may be considered forward-looking statements within the meaning of the &ldquo;safe harbor&rdquo; provisions of the United States Private
Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate
to future events or the Company&rsquo;s future financial or other performance metrics. In some cases, you can identify forward-looking
statements by terminology such as &ldquo;believe,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;potentially,&rdquo; &ldquo;estimate,&rdquo;
 &ldquo;continue,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo; &ldquo;could,&rdquo; &ldquo;would,&rdquo; &ldquo;project,&rdquo;
 &ldquo;target,&rdquo; &ldquo;plan,&rdquo; &ldquo;expect,&rdquo; or the negatives of these terms or variations of them or similar terminology.
Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those
expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible
to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered
reasonable by the Company and its management, as the case may be, are inherently uncertain and subject to material change. Factors that
may cause actual results to differ materially from current expectations include various factors beyond management&rsquo;s control, including,
but not limited to, our ability to successfully exercise the remaining warrants pursuant to the Warrant Amendment; general economic conditions
and other risks, uncertainties and factors set forth in the sections entitled &ldquo;Risk Factors&rdquo; and &ldquo;Cautionary Statement
Regarding Forward-Looking Statements&rdquo; in the Company&rsquo;s Annual Report on Form 20-F, and other filings it makes with the Securities
and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking
statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved.
You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made
and are qualified in their entirety by reference to the cautionary statements herein. Except as required by law, the Company expressly
disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein
to reflect any change in the Company&rsquo;s expectations with respect thereto or any change in events, conditions or circumstances on
which any statement is based.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Disclaimer</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This communication is for
informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any
securities, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law.
No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of
1933, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Contact information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt"><B>Investor
Relations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">Tims China
Investor Relations:<BR>
IR@timschina.com</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt"><B>ICR, LLC</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">TimsChinaIR@icrinc.com</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt"><B>Public Relations</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">ICR, LLC<BR>
TimsChinaPR@icrinc.com</FONT></P>

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