Otovo ASA - Cancellation of the potential subsequent offering

20 Feb 2023 08:30 CET

Reference is made to the stock exchange announcement published by Otovo ASA
("Otovo" or the "Company") on 25 January 2023 regarding the successful
completion of a private placement of 12,575,452 new shares in the Company
raising gross proceeds of approximately NOK 250,000,000 (the "Private
Placement") and a potential subsequent share offering (the "Subsequent
Offering"). Further reference is made to the stock exchange announcement
published later, on the same day, regarding key information related to the
Subsequent Offering. In this announcement, the Company expressed that such
Subsequent Offering would be considered carried out and consist of up to
2,012,072 new shares at the same subscription price as in the Private Placement,
depending, inter alia, on the prevailing market price of the Company's shares.

Since the completion of the Private Placement, the Company's shares have
consistently traded below the subscription price in the Private Placement and
the total traded volume since the completion of the Private Placement is close
to 5 times the the size of the potential subsequent offering. As a result,
existing shareholders who did not participate in the Private Placement have had
ample opportunity to reduce the dilutive effect of the Private Placement at
trading prices below what would have been the subscription price in the
potential Subsequent Offering. The board of directors of Otovo has therefore
decided not to proceed with the Subsequent Offering.

For further queries, please contact:
Andreas Thorsheim, Chief Executive Officer
Phone: +47 93 06 51 78

Petter Ulset, Chief Financial Officer
Phone: +47 47 93 60 26 43

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