Norse Atlantic ASA

Norse Atlantic ASA: Cancellation of subsequent 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.

Reference is made to the stock exchange announcement on 29 November 2024 by

Norse Atlantic ASA (the "Company" or "Norse") regarding the placement of new

shares for gross proceeds of NOK 96,392,880 (the "Private Placement"), equal to

approx. USD 8.7 million, including that the Company would consider to carry out

a subsequent offering of up to 82.8 million new shares (the "Subsequent

Offering") at NOK 5 per share (the "Subscription Price"), equal to the

subscription price in the Private Placement, depending on, among others, the

prevailing market price and traded volume of the shares in the Company following

completion of the Private Placement.

Following the announcement of the completion of the Private Placement (29

November 2024), the Company's shares have traded below the Subscription Price

(NOK 5 per share) for the majority of the time (the VWAP per share has been NOK

3.9362 between 29 November 2024 and 20 March 2025) and at significant volumes

(approx. 37.4 million shares have been traded on the Oslo Stock Exchange between

29 November 2024 and 20 March 2025). Accordingly, any existing shareholder

wishing to reduce the dilutive effect of the Private Placement has had

sufficient opportunity to purchase shares in the market at prices at or below

the Subscription Price. Additionally, the closing price per share on the

previous trading day (20 March 2025) on the Oslo Stock Exchange (i.e. the

current market price per share) was NOK 4.735 (i.e. below the Subscription

Price).

In light of this, the board of directors of the Company has today resolved not

to proceed with the Subsequent Offering.

All due preparations were made by Norse for the Subsequent Offering, including

that a prospectus registration document has been approved by the Financial

Supervisory Authority of Norway (Nw. Finanstilsynet). The registration document

is available on: https://corporate.flynorse.com/en-gb/investor-relations/report

-presentations/.

For further information, please contact:

Investors: CFO, Anders Hall Jomaas, [email protected]

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

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