Elliptic Laboratories ASA — Share Issue/Capital Change 2026

May 21, 2026

Elliptic Labs: Cancellation of Subsequent Offering

Elliptic Labs: Cancellation of Subsequent Offering

Oslo, Norway - Reference is made to the stock exchange announcement published

by Elliptic Laboratories ASA (the "Company") on 5 March 2026 regarding the

successful private placement raising gross proceeds of approximately NOK 60

million (the "Private Placement") at a subscription price of NOK 2.85 per

share (the "Subscription Price"), and a potential subsequent offering of up to

10,500,000 new shares in the Company (the "Subsequent Offering") at a

subscription price of NOK 2.85 per share.

The Subsequent Offering was subject to inter alia the prevailing market price

of the Company's shares following the Private Placement, and the Company

reserved the right in its sole discretion to not conduct or to cancel the

Subsequent Offering.

The Board of Directors has resolved to cancel the Subsequent Offering. The

background for the cancellation is that a substantial part of the relevant

trading volume in the Company's shares since the completion of the Private

Placement has been traded at price levels and volumes providing the

shareholders with a sufficient opportunity to acquire shares in the market and

thereby repair a sufficient part of the dilutive effect of the Private

Placement. Having considered the relevant circumstances, including that the

repair purpose of the Subsequent Offering has to a large extent been fulfilled

through such market trading and the costs and considerable administrative work

associated with completing the Subsequent Offering, the Board of Directors has

resolved to cancel the Subsequent Offering.

For more information, please contact:

CEO Ola Tviberg Sandstad, ola.sandstad@ellipticlabs.com

CFO Mathias Norderud, mathias.norderud@ellipticlabs.com

About Elliptic Labs

Elliptic Labs is a global Edge AI company delivering trusted, low-power

on-device sensing at scale. Our AI Virtual Smart Sensor PlatformTM enables

intelligent, always-on contextual awareness directly on devices --- without

the need for additional hardware or continuous cloud processing.

Deployed in over 500 million devices worldwide, our platform powers

software-defined sensing across a broad range of consumer and enterprise

products. By executing compact neural networks directly on-device, our

technology delivers adaptive, real-time sensing that preserves user privacy

while minimizing power consumption.

For more than a decade, Elliptic Labs has specialized in efficient neural

network execution using proprietary runtimes and custom-built sensing models

optimized for real-world environments. Built on balanced, self-collected

datasets and engineered to operate across diverse hardware architectures, our

AI Virtual Smart Sensors enable seamless integration across product

generations and device categories.

Our solutions enhance security, personalization, productivity, and user

experience --- forming a scalable foundation for the next generation of

AI-enabled devices. Headquartered in Norway, with a presence in the USA,

China, South Korea, Taiwan, and Japan, Elliptic Labs is listed on the Oslo

Stock Exchange. All technology and intellectual property are developed in

Norway and are solely owned by the company, ensuring independence and

long-term innovation.

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

Market Abuse Regulation (MAR) and is subject to the disclosure requirements

pursuant to MAR article 17 and Section 5-12 of the Norwegian Securities

Trading Act.