Nordic Unmanned ASA

Share Issue/Capital Change • Jan 20, 2023

Reduction of size of repair issue to be carried out by Nordic Unmanned ASA

Reduction of size of repair issue to be carried out by Nordic Unmanned ASA

20.1.2023 13:58:58 CET | Nordic Unmanned | Additional regulated information

required to be disclosed under the laws of a member state

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN CANADA,

JAPAN, AUSTRALIA OR THE UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH SUCH

RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES

NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to the stock exchange announcement published on 7 December

2022 by Nordic Unmanned ASA ("Nordic Unmanned" or the "Company") (ticker: NUMND)

announcing the successfully placed private placement of new shares in the

Company at a subscription price of NOK 6 per new share (the "Subscription Price

"), with gross proceeds of approximately NOK 70 million (the "Private Placement

"), and that the Company was considering to conduct a subsequent offering of up

to 11,666,666 new shares at the Subscription Price directed towards eligible

shareholders (the "Subsequent Offering"). Reference is further made to the

Company's extraordinary general meeting held on 22 December 2022 (the "EGM")

where the EGM granted the Company's board of directors (the "Board") an

authorization to issue up to 11,666,666 new shares in connection with the

Subsequent Offering.

Following announcement of completion of the Private Placement, a substantial

volume of shares in the Company have traded at or below the subscription price

in the Private Placement. Consequently, shareholders, including eligible

shareholders in the Subsequent Offering, wishing to reduce the dilutive effect

of the Private Placement have had the opportunity to purchase shares in the

Company in the market at prices equivalent to or below the Subscription Price.

Based on the above, the Board considers that a Subsequent Offering with the full

amount of NOK 70 million in gross proceeds is no longer required. However, in

careful consideration of eligible shareholders who planned to reduce the

dilutive effect of the Private Placement through the Subsequent Offering, and

who have therefore not acquired shares in the Company directly in the market at

prices equivalent to or below the Subscription Price, the Board has decided to

reduce the size of the Subsequent Offering rather than canceling the Subsequent

Offering in its entirety.

The Subsequent Offering will, in light of the foregoing, consist of an offering

of up to 8,333,333 new shares in the Company at the Subscription Price with

gross proceeds of up to approximately NOK 50 million. Such reduction will allow

the Company to base the Subsequent Offering on a national prospectus, resulting

in a shorter timeline for completion of the Subsequent Offering, which is

considered to be in the best interest of the Company and its shareholders.

It is expected that the subscription period in the Subsequent Offering will

commence in late January or early February 2023.

The Company will publish a separate announcement with updated key information

regarding the Subsequent Offering.

DISCLOSURE REGULATION

This information is published in accordance with the requirements of the

Continuing Obligations and section 5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Knut Roar Wiig, CEO, +47 92 66 66 59, krw@nordicunmanned.com

* Trond Østerhus, CFO, +47 95 99 08 79, to@nordicunmanned.com

ABOUT NORDIC UNMANNED

Nordic Unmanned is a global provider of high-end drone and data capture products

and services, has operational experience from many countries across several

continents, and holds industry-leading expertise, Nordic Unmanned supports

governmental and industrial clients in the adaption and deployment of unmanned

systems and services.

Founded in Norway in 2014, the Group has offices in Sandnes (NO), Molde (NO),

Odense (DK), Cranfield (UK), Hasselt (BE), Arnsberg (GER), and Baltimore (US).

Nordic Unmanned has one of the world's most comprehensive permits to fly beyond

visual line of sight (BVLOS), through its EASA-approved Light UAS operator

Certificate (LUC).

The Group is an Original Equipment Manufacturer (OEM) for the drone product

lines Staaker, AirRobot, and DroneMatrix, and is also world-leading in the

collection of vessel emission data. It is ISO 9001-2015 and AS9100 certified for

the operation, maintenance, sale, design, development, and production of

unmanned systems and sensor technology.

For more information visit - https://nordicunmanned.com/

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847587/2042/2724/Download%20announcement

%20as%20PDF.pdf