Dragon Victory International Limited announced that on April 27, 2022, Mr. Wenbing Wang ("Mr. Wang") notified the Company of his resignation as an independent director of the Company, the chairman of the audit committee of the board of directors of the Company, and a member of the compensation committee and nominating and corporate governance committee of the Board, effective April 30, 2022. To fill in the vacancy created by the resignation of Mr. Wang, on May 6, 2022, the Nominating Committee of the Company recommended, and the Board appointed, Mr. Kiyohiro Kawayanagi to serve as an independent director of the Company and as a member of the Audit Committee, the Compensation Committee and the Nominating Committee of the Board, effective May 6, 2022. Mr. Kiyohiro Kawayanagi, has served as the Chief Executive Officer and Chairman of the board of directors of Pomelo Acquisition Corporation Limited, since May 2021.

On May 6, 2022, the Nominating Committee recommended, and the Board appointed, Mr. Sen Lin, an independent director of the Company, a member of the Audit Committee and a member of the Nominating Committee of the Board, to serve as the chairman of the Audit Committee, effective May 6, 2022.