REC Silicon ASA - Final results of the Rights Issue

08 Apr 2026 14:26 CEST

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE
PEOPLE'S REPUBLIC OF CHINA, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE
DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE.
PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT

Reference is made to the previous stock exchange announcements made by REC
Silicon ASA (the "Company") regarding the fully underwritten rights issue of
4,078,000,000 new shares in the Company (the "Offer Shares") at a subscription
price of NOK 0.2385 per Offer Share, raising gross proceeds of NOK 972.6
million (the "Rights Issue").

The subscription period for the Rights Issue expired at 16:30 (CEST) on 7
April 2026.

At the expiry of the subscription period, the Company had received valid
subscriptions for a total of 150,230,856 Offer Shares from other shareholders
than Anchor AS (the "Underwriter"). The remaining 3,927,769,144 Offer Shares
will be allocated to the Underwriter based on a combination of subscriptions
and underwriting.

Allocation of the Offer Shares has been completed in accordance with the
allocation criteria set out in the prospectus for the Rights Issue dated 18
March 2026. The board of directors of the Company has allocated a total of
4,078,000,000 Offer Shares.

As previously announced, the Underwriter is entitled to an underwriting fee of
7% of its underwriting commitment (excluding the Underwriter's own pro rata
participation in the Rights Issue based on allocated subscription rights),
payable in the form of new shares in the Company at the subscription price in
the Rights Issue (the "Underwriting Commission Shares"). Based on the final
results of the Rights Issue, a total of 113,000,457 Underwriting Commission
Shares will be issued to the Underwriter. Notifications of the allocated Offer
Shares and the corresponding subscription amount to be paid by each
subscriber, are expected to be distributed today, 8 April 2026. The due date
for payment of the Offer Shares is 10 April 2026.

The Offer Shares may not be transferred or traded before they have been fully
paid and the share capital increase pertaining to the Rights Issue has been
registered with the Norwegian Register of Business Enterprises. The Company
will publish a stock exchange announcement once the share capital increase has
been registered. Subject to timely payment of the aggregate subscription
amount in the Rights Issue, it is expected that the share capital increase
pertaining to the Rights Issue will be registered with the Norwegian Register
of Business Enterprises on or about 14 April 2026 and that the Offer Shares
will be delivered to subscribers on or about 14 April 2026.

The Offer Shares are expected to be tradeable on Euronext Oslo Børs from on or
about 14 April 2026.

Advisors:
Arctic Securities AS is acting as manager and bookrunner in connection with
the Rights Issue (the "Manager"). Advokatfirmaet Schjødt AS is acting as legal
advisor to the Company in connection with the Rights Issue.

IMPORTANT INFORMATION
This announcement does not constitute an offer of securities for sale or a
solicitation of an offer to purchase securities of the Company in the United
States or any other jurisdiction. Copies of this document may not be sent to
jurisdictions, or distributed in or sent from jurisdictions, in which such
action is barred or prohibited by law. The securities of the Company may not
be offered or sold in the United States absent registration or an exemption
from registration under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act"). The securities of the Company have not been, and will not
be, registered under the U.S. Securities Act. Any sale in the United States of
the securities mentioned in this communication will be made solely to
"qualified institutional buyers" as defined in Rule 144A under the U.S.
Securities Act. No public offering of the securities will be made in the
United States.

This announcement is not a prospectus for the purposes of Regulation (EU)
2017/1129 of the European Parliament and of the Council of 14 June 2017 on
prospectuses to be published when securities are offered to the public or
admitted to trading on a regulated market, and repealing Directive 2003/71/EC
(as amended) as implemented in any EEA Member State (the "Prospectus
Regulation").

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. In the United
Kingdom, this communication is only addressed to and is only directed at
Qualified Investors who (i) are investment professionals falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred
to as "Relevant Persons"). These materials are directed only at Relevant
Persons and must not be acted on or relied on by persons who are not Relevant
Persons. Any investment or investment activity to which this announcement
relates is available only to Relevant Persons and will be engaged in only with
Relevant Persons. Persons distributing this communication must satisfy
themselves that it is lawful to do so.

This document is not for publication or distribution in, directly or
indirectly, the United States, Canada, Australia, the Hong Kong Special
Administrative Region Of The People's Republic Of China or Japan or Any other
jurisdiction in which such release, publication or distribution would be
unlawful, and it does not constitute an offer or invitation to subscribe for
or purchase any securities in such countries or in any other jurisdiction. In
particular, the document and the information contained herein should not be
distributed or otherwise transmitted into the United States or to publications
with a general circulation in the United States of America.

The Manager is acting for the Company in connection with the Rights Issue and
no one else and will not be responsible to anyone other than the Company for
providing the protections afforded to their respective clients or for
providing advice in relation to the Rights Issue or any transaction or
arrangement referred to in this announcement.

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 "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will" 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 believes 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 its control. 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 information, opinions and
forward-looking statements contained in this announcement speak only as at its
date and are subject to change without notice. This announcement is made by
and is the responsibility of, the Company. Neither the Manager nor any of its
respective affiliates makes any representation as to the accuracy or
completeness of this announcement and none of them accepts any responsibility
for the contents of this announcement or any matters referred to herein.

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.
No reliance may be placed for any purpose on the information contained in this
announcement or its accuracy, fairness or completeness. Neither the Manager
nor any of its respective affiliates accepts any liability arising from the
use of this announcement.

Contacts
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Nils O. Kjerstad
IR Contact
Phone: +47 9135 6659
Email: nils.kjerstad@recsilicon.com

About REC Silicon
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REC Silicon is a leading producer of advanced silicon materials, delivering
high-purity silicon gases to the solar and electronics industries worldwide.
We combine over 40 years of experience and proprietary technology with the
needs of our customers. Listed on the Oslo Stock Exchange (ticker: RECSI), the
Company is headquartered in Lysaker, Norway.

For more information, go to: www.recsilicon.com

This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication, through the
agency of the contact persons set out above, at 2026-04-08 14:26 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

670155_REC Silicon ASA - Final results of the Rights Issue.pdf