X0306 4 2020-02-25 0 0001321834 Akers Biosciences, Inc. AKER 0001393825 Hudson Bay Capital Management LP 777 THIRD AVE., 30TH FLOOR NEW YORK NY 10017 0 0 1 0 0001416593 Gerber Sander C/O HUDSON BAY CAPITAL MANAGEMENT LP 777 THIRD AVENUE, 30TH FLOOR NEW YORK NY 10017 0 0 1 0 Common Stock, no par value ("Common Stock") 2020-02-25 4 S 0 13000 2.92 D 256243 I See footnote Common Stock 2020-02-27 4 S 0 15300 2.72 D 240943 I See footnote The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.87 to $2.93, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein. The securities are held by Hudson Bay Master Fund, Ltd. (the "Fund"). Hudson Bay Capital Management LP (the "Investment Manager") serves as the investment manager of the Fund. As such, the Investment Manager may be deemed to have beneficial ownership of the securities held by the Fund. As the managing member of the general partner of Hudson Bay Capital Management LP, Mr. Sander Gerber may be deemed to have beneficial ownership of the securities held by the Fund. Each Reporting Person disclaims beneficial ownership of the securities held by the Fund, except to the extent of its or his pecuniary interest therein. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.72 to $2.80, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein. Hudson Bay Capital Management LP By: /s/ Sander Gerber, Authorized Signatory 2020-02-27 /s/ Sander Gerber 2020-02-27