Hyon AS announces close of strategic review and proposed dissolution

30 Aug 2023 16:21 CEST

Drammen, Norway, 30 August 2023 Hyon AS (HYON) ("Company") announces that its
Board of Directors (the "Board") has resolved to close the strategic review and
propose that the general meeting resolves to dissolve the Company.

Following the strategic review that was publicly announced on 5 July 2023 and
updated on 16 August 2023, the board of directors and management have over time
worked with several alternative financing options for the Company, including
equity instruments, debt financing, government supported R&D programs, strategic
partnerships, and other commercially based agreements. Despite all efforts made,
the board has not received any sufficiently firm indications or commitments for
a financial solution to support continuing operations.

In addition to potential structures with third parties the Board has assessed
the potential for a financing supported by its current shareholders. In
particular, the Board holds an authorisation to issue a number of new shares
equivalent to 50% of the current share capital, that could potentially be used
for an equity financing. The Company's shareholder base is however fractional,
and no alternative has in the opinion of the Board found required support for
use of the Company's remaining liquidity.

The Board has also considered an alternative for divestment of assets and/or a
combination with other businesses to expand operations under the Company's
listing. As there are no known immediate alternatives and maintaining a listing
is also associated with cost, the Board has concluded it is not a feasible
option as it would risk liquidity without reasonable outlook for added
shareholder value.

Further to this and based on the board of directors' fiduciary duties, the board
will propose that the general meeting resolves a dissolution of the company
pursuant to the voluntary procedures as set out in the Norwegian Private Limited
Liability Companies Act with distribution of any value to its shareholders.

"The company has been well positioned for delivering high-capacity hydrogen
fuelling systems to the maritime market but have been put under financial
pressure as a result of delayed development and adoption of hydrogen solutions
in general and especially in the maritime market", says chairman of the board
Otto Søberg. "It is with great regret that it has not been possible to establish
any viable options to secure continued operations for Hyon."

The Company remains in a position where it has available cash to cover its
operations to year-end 2023. As a result of the proposal to dissolve the Company
additional cost reducing measures will be implemented, including reducing
personnel cost.

Any distributions as a result of the dissolution will accrue to the shareholders
of the Company as of the date of the general meeting. The Company will announce
the key dates for the process as soon as determined in accordance with the
continuing obligations for companies listed on Euronext Growth Oslo.

The proposal to dissolve the Company will be made for a general meeting expected
to be held on or about 15 September 2023. The notice for the general meeting
including further information on the resolutions proposed and key dates will be
disclosed as soon as determined. Should the Board's proposal on dissolving the
Company not obtain the required majority vote, the current Board wishes to make
their seats available and that the general meeting appoints a new board of
directors for the Company.

For further inquiries, please contact: Jørn Kristian Lindtvedt CEO
(jorn.lindtvedt@hyon.energy), or Otto Søberg Chairman of the Board
(Otto.Soeberg@outlook.com).

Inside information

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Jørn Kristian Lindtvedt, CEO at the time stated in
this announcement on behalf of the Company.

Forward-looking statements

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believe that these assumptions were reasonable
when made, these assumptions are inherently subject to significant known and
unknown risks, uncertainties, contingencies and other important factors which
are difficult or impossible to predict and are beyond their control. Actual
events may differ significantly from any anticipated development due to a number
of factors, including without limitation, changes in public sector investment
levels, changes in the general economic, political and market conditions in the
markets in which the Company operates, the Company's ability to attract, retain
and motivate qualified personnel, changes in the Company's ability to engage in
commercially acceptable acquisitions and strategic investments, and changes in
laws and regulation and the potential impact of legal proceedings and actions.
Such risks, uncertainties, contingencies and other important factors could cause
actual events to differ materially from the expectations expressed or implied in
this release by such forward-looking statements. The Company does not make any
guarantee that the assumptions underlying the forward-looking statements in this
announcement are free from errors nor does it accept any responsibility for the
future accuracy of the opinions expressed in this announcement or any obligation
to update or revise the statements in this announcement to reflect subsequent
events. You should not place undue reliance on the forward-looking statements in
this announcement.

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. The Company does not undertake any obligation to review, update,
confirm, or to release publicly any revisions to any forward-looking statements
to reflect events that occur or circumstances that arise in relation to the
content of this announcement.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company.

More information:
Access the news on Oslo Bors NewsWeb site

598357_Release.pdf