Aqua Bio Technology — Capital/Financing Update 2024

Jan 30, 2024

AQUA BIO TECHNOLOGY ASA - CORRECTION: PRIVATE PLACEMENT COMPLETED

AQUA BIO TECHNOLOGY ASA - CORRECTION: PRIVATE PLACEMENT COMPLETED

30.1.2024 10:24:55 CET | Aqua Bio Technology ASA | Inside information

Reference is made to the stock exchange notice by Aqua Bio Technology ASA (the "

Company") on 29 January 2024 regarding a contemplated private placement (the "

Private Placement") at a fixed subscription price of NOK 5 per new share (the "

New Shares") towards certain existing shareholders and certain new investors.

The net proceeds of the Private Placement will be used for general corporate

purposes, including to fund the Company's growth and to further commercialize

the Company's products.

The Company received pre-commitments from certain of the Company's largest

shareholders, including Viddas AS, RH Industri AS and Initia AB, the two latter

being close associates of Board members Roger Hofseth and Jan Petterson,

respectively, to subscribe for New Shares equivalent to a subscription amount of

NOK 9.4 million. Additionally, Øystein Tvenge pre-committed to subscribe for New

Shares for NOK 3 million.

The application period in the Private Placement ended today on 30 January 2024

at 08:00 CET. Following the expiry of the application period, the Company has

raised approximately NOK 12.46 million through the Private Placement. The

Company's board of Directors (the "Board") has now allocated 2,491,403 New

Shares to the investors in the Private Placement. Notifications of allotment of

the New Shares will be sent to the investors on or about 30 January 2024.

The Board has formally resolved to issue the New Shares under a board

authorization registered in the Norwegian Register of Business Enterprises on 28

September 2023. The payment for the New Shares falls due on 2 February 2024. The

New Shares will be issued on a non-tradable ISIN pending the publication of an

approved listing prospectus by the Norwegian Financial Supervisory Authority.

The Private Placement implies a deviation from the pre-emptive rights of the

Company's existing shareholders. When resolving to conditionally complete the

Private Placement, the Board has considered the Private Placement in light of

the equal treatment obligations under the Norwegian Public Limited Companies

Act, the Norwegian Securities Trading Act, Oslo Børs' circular no. 2/2014 and

the rules on equal treatment under Oslo Rule Book II for companies listed on

Euronext Expand, and is of the opinion that the Private Placement is in

compliance with these requirements.

In reaching its conclusion, the Board has particularly emphasized the

alternative funding methods and considers that such funding methods, such as a

right offering, have a lower degree of expected success and will be more time

and resource consuming. Further, the Board has considered that the Subsequent

Offering (as defined below) will mitigate some of the dilutive effect on the

shareholdings who did not participate in the Private Placement.

The Board has resolved an intention to carry out a subsequent offering (the "

Subsequent Offering") of up to 1,000,000 offer shares (the "Offer Shares"), with

gross proceeds of up to NOK 5 million at a fixed subscription price of NOK 5

(same as for the New Shares). The Subsequent Offering will be directed towards

the Company's shareholders as of 30 January 2024 as registered in the VPS on 1

February 2024 (the "Record Date"), less (i) shareholders who did not subscribe

for New Shares in the Private Placement, and (ii) shareholders who are residing

in a jurisdiction where such offering would be unlawful or would require any

filing, registration or similar action. The Company reserves the right in its

sole discretion to not conduct or cancel the Subsequent Offering. More details

about the Subsequent Offering will follow.

Lastly, the Board has been informed that the Company has not issued the full

number of consideration shares to one of the sellers in Skinteam Norge AS.

Therefore, the Board has resolved to issue 74,314 consideration shares to the

respective seller.

* * *

For further information, please contact Håvard Lindstrøm, CEO, telephone + 47

Aqua Bio Technology (ABT) is developing and commercializing sustainable

biotechnology for use in skin care products. ABT's cosmetics ingredients are

highly effective and they provide the cosmetics industry with natural

alternatives to traditional ingredients. ABT is also marketing and distributing

natural skin care products developed by partners towards consumers and

professional users. ABT's focus on commercialization and development of natural

ingredients and natural skin care products has been, and will continue to be, an

important part of the Company's strategy going forward. Aqua Bio Technology is

listed on the Euronext Expand market of the Oslo Stock Exchange.

This information was considered to be inside information pursuant to the EU

Market Abuse Regulation, and is subject to the disclosure requirements pursuant

to section 5-12 of the Norwegian Securities Trading Act. The stock exchange

announcement was published by Håvard Lindstrøm, CEO, on 29 January 2024 at the

time set out above.

DISCLOSURE REGULATION

This information is subject of the disclosure requirements pursuant to section

of 5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Håvard Lindstrøm, 004794132288, hl@aquabiotech.no

ABOUT AQUA BIO TECHNOLOGY ASA

Aqua Bio Technology (ABT) is developing and commercializing sustainable

biotechnology for use in skin care products. ABT's cosmetics ingredients are

highly effective and they provide the cosmetics industry with natural

alternatives to traditional ingredients. ABT is also marketing and distributing

natural skin care products developed by partners towards consumers and

professional users. Aqua Bio Technology is listed on Euronext Expand.

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847556/2875/4005/Download%20announcement

%20as%20PDF.pdf