Kahoot! ASA

M&A Activity • Feb 12, 2021

Kahoot! AS – Additional consideration in connection with the acquisition of Drops

Kahoot! AS – Additional consideration in connection with the acquisition of Drops

Oslo, Norway, 12 February 2021 – Reference is made to the stock exchange announcement by Kahoot! AS ("Kahoot!" or the "Company") made on 28 November 2020, regarding the completion of the acquisition of all shares in PlanB Labs OÜ ("Drops").

In accordance with the share purchase agreement entered into between Kahoot! and the shareholders of Drops (the "SPA"), the shareholders and option holders of Drops shall be entitled to additional consideration if certain financial thresholds are being met by Drops for the financial year 2020. Based on Drops' achievements in the financial year 2020, the shareholders and option holders of Drops are entitled to a total additional consideration of USD 5,747,692 (the "Additional Consideration"). The Additional Consideration shall be settled by a combination of cash and new Kahoot! shares.

The Board of Directors of the Company has accordingly resolved to increase the share capital of the Company with NOK 12,161.80 by the issuance of 121,618 consideration shares to the shareholders and option holders of Drops at a subscription price of NOK 116.30 per share in accordance with the SPA. The shareholders and option holders of Drops have entered into lock-up agreements with the Company pursuant to which the consideration shares are subject to a lock-up period of two years from the date of issuance. Following this share issue there will be 446,213,585 issued and outstanding shares in the Company.

For further information please contact:

Eilert Hanoa, CEO

Phone: +47 928 32 905

Email: eilerth@kahoot.com

Ken Østreng, CFO

Phone: +47 911 51 686

Email: keno@kahoot.com

About Kahoot!

Kahoot! is on a mission to make learning awesome! We want to empower everyone, including children, students, and employees to unlock their full learning potential. Our learning platform makes it easy for any individual or corporation to create, share, and play learning games that drive compelling engagement. In addition, our family of apps takes math learning to a new level and empowers children to learn to read through play. Learners of all ages can make language learning natural with immersive visuals and play through our Drops apps. Organizations can connect and engage their work teams with Actimo, our employee engagement platform. Launched in 2013, Kahoot!’s vision is to build the leading learning platform in the world. In the last 12 months, more than 250 million games have been played on the Kahoot! platform with 1.5 billion participating players in 200 countries. The company is headquartered in Norway with offices in the US, the UK, France, Finland, Estonia, Denmark and Spain. Let’s play!