Norse Atlantic ASA

Share Issue/Capital Change • Mar 10, 2023

Norse Atlantic ASA: Update on contemplated Subsequent Offering and transfer of listing venue to Euronext Expand

Norse Atlantic ASA: Update on contemplated Subsequent Offering and transfer of listing venue to Euronext Expand

Arendal, 10 March 2023: Reference is made to the stock exchange announcement

published by Norse Atlantic ASA (the "Company") on 25 November 2022 regarding

completion of the conditional private placement of 120,000,000 shares in the

Company (the "Private Placement"), and the announcement of key information

relating to a contemplated subsequent offering of up to 60,000,000 new shares in

the Company (the "Subsequent Offering") at a subscription price equal to the

subscription price in the Private Placement of NOK 2.50 per share (the "Offer

Price").

As announced on 25 November 2022, the contemplated Subsequent Offering will be

directed towards existing eligible shareholders in the Company as of 24 November

2022 (as registered with the VPS on 28 November 2022) who (i) were not included

in the wall-crossing phase of the Private Placement, (ii) were not allocated

shares in the Private Placement, and (iii) are not residents in a jurisdiction

where such offering would be unlawful, or would (in jurisdictions other than

Norway) require any prospectus filing, registration or similar action.

Completion of the contemplated Subsequent Offering will, inter alia, be

conditional upon (i) the approval and publication of an offering prospectus (the

"Prospectus"), to be approved by the Financial Supervisory Authority of Norway,

and (ii) the prevailing trading price of the Company's shares exceeding the

Offer Price. The share capital increase pertaining to the issuance of new shares

in the Subsequent Offering will be resolved by the board of directors pursuant

to the board authorisation granted by the Company's extraordinary general

meeting on 9 December 2022.

Subject to the conditions for the Subsequent Offering being met, the

subscription period for the Subsequent Offering is expected to commence in April

Furthermore, as announced in the Company's report for the second half of 2022,

as published on 28 February 2023, the Company's board of directors has resolved

to initiate a process to transfer the listing venue for the Company's shares

from Euronext Growth to Euronext Expand, a regulated market being part of

Euronext and operated by Oslo Børs ASA, to reflect the Company's market position

and to accommodate for high quality institutional investors. The Company expects

the contemplated uplisting of its shares to be completed during the first half

of 2023, subject to relevant approvals and prevailing market conditions.

For further information, please contact:

Ben Boiling, Chief Financial Officer

Phone: +47 912 40 945

Email: ben.boiling@flynorse.com

About Norse:

Norse Atlantic Airways is a new airline that offers affordable fares on long

-haul flights between Europe and the United States. The Company was founded by

CEO and major shareholder Bjørn Tore Larsen in March 2021. Norse has a fleet of

15 modern, fuel-efficient and more environmentally friendly Boeing 787

Dreamliners that will serve destinations including New York, Los Angeles, Fort

Lauderdale, Orlando, Boston, San Francisco, Washington DC, Oslo, London, Rome,

Berlin and Paris. The Company's first flight took off from Oslo to New York on

June 14, 2022.

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

-12 the Norwegian Securities Trading Act and the Euronext Growth Rule Book part

II.