Norwegian Block Exchange AS

Share Issue/Capital Change • Jun 15, 2022

Cancellation of subsequent offering

Cancellation of subsequent offering

Reference is made to the stock exchange announcement by Norwegian Block Exchange AS (the "Company" or "NBX") published on 5 May 2022 regarding the successfully completed private placement of new shares in the Company with gross proceeds in the amount of approximately NOK 15.8 million at a subscription price of NOK 5.00 per share (the "Private Placement"). In the announcement the board of the Company also expressed that it would consider carrying out a subsequent share offering towards existing shareholders in the Company of up to 3,350,864 new shares at the same subscription price as in the Private Placement, depending inter alia on the prevailing market price of the Company's shares.

Since completion of the Private Placement the Company’s shares have consistently traded below the subscription price in the Private Placement and the total traded volume since the completion of the Private Placement at these price levels has corresponded to a significant portion of the size of the potential subsequent offering. As a result, existing shareholders who did not participate in the Private Placement have had ample opportunity to reduce the dilutive effect of the Private Placement at trading prices well below what would have been the subscription price in the potential subsequent offering. The board of directors has therefore decided not to proceed with the subsequent offering.

This information is subject to the disclosure requirements of section 5-12 of the Securities Trading Act.

This stock exchange announcement was published by Torstein Thin, CFO and Master of Coin of NBX, on 15 June 2022.

Contact person:

Torstein Thinn - CFO Mail: torstein.thinn@nbx.com

Telephone: 986 44 144

About NBX: Truly Norwegian cryptocurrency exchange and custodian. Based in Oslo and registered with the Financial Supervisory Authority of Norway. NBX offers everyone easy and secure access to cryptocurrency, focusing on the Nordic markets, but open for customers globally.