Zelluna ASA: Cancellation of subsequent repair offering

09 Dec 2025 09:36 CET

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Oslo, 9 December, 2025: Reference is made to the stock exchange announcement
published by Zelluna ASA ("Zelluna" or the "Company") on 3 November 2025
regarding the private placement (the "Private Placement"), and the intention to
carry out a subsequent repair offering (the "Subsequent Offering"), depending,
inter alia, on the development of the price of the shares in the Company after
completion of the Private Placement.

The board of directors of the Company has resolved not to proceed with the
Subsequent Offering.

The background for the cancellation is that the Company's shares have traded at
or below the subscription price in the Private Placement for an extended period
of time and at sufficient volumes. Shareholders wishing to reduce the dilutive
effect of the Private Placement have thus had the opportunity to purchase shares
in the market at prices at or below the price which would have been the
subscription price in the Subsequent Offering.

For further information, please contact:

Namir Hassan, CEO, Zelluna ASA

Email: namir.hassan@zelluna.com

Phone: +44 7720 687608

Hans Vassgård Eid, CFO, Zelluna ASA

Email: hans.eid@zelluna.com

Phone: +47 482 48632

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