Norse Atlantic ASA: Cancellation of subsequent offering

21 Mar 2025 09:31 CET

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Reference is made to the stock exchange announcement on 29 November 2024 by
Norse Atlantic ASA (the "Company" or "Norse") regarding the placement of new
shares for gross proceeds of NOK 96,392,880 (the "Private Placement"), equal to
approx. USD 8.7 million, including that the Company would consider to carry out
a subsequent offering of up to 82.8 million new shares (the "Subsequent
Offering") at NOK 5 per share (the "Subscription Price"), equal to the
subscription price in the Private Placement, depending on, among others, the
prevailing market price and traded volume of the shares in the Company following
completion of the Private Placement.

Following the announcement of the completion of the Private Placement (29
November 2024), the Company's shares have traded below the Subscription Price
(NOK 5 per share) for the majority of the time (the VWAP per share has been NOK
3.9362 between 29 November 2024 and 20 March 2025) and at significant volumes
(approx. 37.4 million shares have been traded on the Oslo Stock Exchange between
29 November 2024 and 20 March 2025). Accordingly, any existing shareholder
wishing to reduce the dilutive effect of the Private Placement has had
sufficient opportunity to purchase shares in the market at prices at or below
the Subscription Price. Additionally, the closing price per share on the
previous trading day (20 March 2025) on the Oslo Stock Exchange (i.e. the
current market price per share) was NOK 4.735 (i.e. below the Subscription
Price).

In light of this, the board of directors of the Company has today resolved not
to proceed with the Subsequent Offering.

All due preparations were made by Norse for the Subsequent Offering, including
that a prospectus registration document has been approved by the Financial
Supervisory Authority of Norway (Nw. Finanstilsynet). The registration document
is available on: https://corporate.flynorse.com/en-gb/investor-relations/report
-presentations/.

For further information, please contact:

Investors: CFO, Anders Hall Jomaas, Anders.Jomaas@flynorse.com

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

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