BioFish Holding AS

Share Issue/Capital Change • Mar 2, 2023

BIOFISH HOLDING AS: Completed Employee Offering

BIOFISH HOLDING AS: Completed Employee Offering

BIOFISH HOLDING AS: Completed Employee Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

BIOFISH HOLDING AS: Completed Employee Offering

Reference is made to the stock exchange notice from BioFish Holding AS ("BioFish" or the "Company") on 12 January 2023 regarding a contemplated private placement and various other share offerings, including an employee offering of up to 2,000,000 new shares (the "Offer Shares") in the Company (the "Employee Offering") at a subscription price of NOK 1 per share (the "Offer Price").

The subscription period for the Employee Offering ended on 28 February 2023 at 16:30 CET. By the end of the subscription period, the Company had received valid subscriptions for 2,110,000 Offer Shares in the Employee Offering. The board of the Company has resolved that a total of 2,000,000 Offer Shares will be allocated at the Offer Price, raising gross proceeds of NOK 2,000,000.

Notifications of allocated Offer Shares in the Employee Offering and the corresponding amount to be paid by each subscriber will be sent out in a separate letter to each subscriber. Employees that are allocated Offer Shares can access information to the number of Offer Shares allocated through VPS on 2 March 2023. The due date for payment of the Offer Shares is on 3 March 2023.

Subject to duly and timely payment of the Offer Shares by the subscribers, the share capital increase pertaining to the Offer Shares is expected to be registered in the Norwegian Register of Business Enterprises on or about 6 March 2023 and will be delivered to the VPS accounts of the subscribers shortly thereafter. The Offer Shares will have equal rights and rank pari passu with the Company's other shares.

Following registration of the share capital increase pertaining to the issuance of the allocated Offer Shares with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret), the the Company's registered share capital will be NOK 87,900,000 divided into 87,900,000 shares, each with a nominal value of NOK 1.

For further information, please contact:

Torbjørn Skulstad, CEO

+47 483 81 546

About Biofish:

Biofish is a land-based producer of smolt – juvenile fish destined for aquaculture facilities. The company’s production takes place in its production facilitiy in Kvam on the Norwegian west coast, using a Recirulating Aquaculture System (RAS), which recycles at least 99% of the water used. Biofish deliver smolt to salmon farms along the Norwegian coast.