Zelluna ASA: Disclosure of large shareholding

04 Nov 2025 07:29 CET

Reference is made to the stock exchange announcement made by Zelluna ASA (the
"Company") on 3 November 2025 regarding the allocation of 5,500,000 new shares
in the Company in a private placement (the "Private Placement"), divided on a
first tranche of 3,729,774 new shares ("Tranche 1") and a second tranche of
1,770,226 new shares, and the allocation of 315,639 new shares in a retail
offering via the PrimaryBid Platform (the "Retail Offering").

Radforsk Investeringsstiftelse ("Radforsk") holds 2,469,693 shares in the
Company, representing 12.07% of the total number of shares and votes in the
Company. Pursuant to a share lending agreement entered into in connection with
the Private Placement and the Retail Offering, Radforsk has lent 742,289
existing shares to the manager for the Private Placement and Retail Offering, in
order to facilitate delivery versus payment settlement of shares in Tranche 1 of
the Private Placement and in the Retail Offering. Consequently, the shareholding
of Radforsk will, upon the lending of such shares, temporarily cross below the
10% threshold pursuant to section 4-2 of the Norwegian Securities Trading Act,
and its shareholding will at such time be 1,727,404 shares, equal to 8.45% of
the total number of shares and votes in the Company.

Following issuance of the in total 4,045,413 new shares to be issued in Tranche
1 of the Private Placement and the Retail Offering, the shares lent out will be
redelivered to Radforsk, and Radforsk will at such time again hold 2,469,693 new
shares in the Company, which will at such time correspond to 10.08% of the total
number of shares and votes in the Company.

This disclosure is made pursuant to Section 4-2 of the Norwegian Securities
Trading Act.

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