Nykode Therapeutics ASA — Director's Dealing 2023

Jan 25, 2023

Exercise of warrants and related transactions by primary insiders

Exercise of warrants and related transactions by primary insiders

Oslo, Norway, January 25, 2023 – Anders Tuv, board member of Nykode Therapeutics ASA (the "Company"), has exercised 800,000 warrants with expiry date 31 January 2023, each giving the right to one share in the Company. As a consequence of the exercise, the Company's share capital will increase by NOK 8,000 through the issue of 800,000 new shares of par value NOK 0.01. The warrants are exercised at a strike price of NOK 2.50 per share for 400,000 of the warrants and NOK 18.00 per share for 400,000 of the warrants.

Following registration of the share capital increase with the Norwegian Register of Business Enterprises, the Company's share capital will be NOK 2,954,943.09, divided into 295,494,309 shares.

The exercise of the warrants is done in order to avoid expiry of the warrants. The exercise of the warrants and the receipt of shares in the Company will trigger salary tax based on the difference between the strike price and the value of the shares received.

In order to cover the strike amount and part of the taxes related to the warrants exercise, Anders Tuv has sold 475,000 shares in the Company. Settlement of this sale is facilitated through a share lending agreement with Datum AS, pending registration of the increase in share capital with the Norwegian Register of Business Enterprises. Following such registration, a corresponding number of shares will be redelivered to Datum AS as settlement of the share loan. Datum AS is wholly owned by Jan Haudemann-Andersen, board member of Nykode Therapeutics ASA.

The remaining 325,000 shares resulting from the exercise of warrants are transferred by Anders Tuv to his wholly owned investment company Tuv Capital AS.

For further details, please see the attached forms.

The information included in this announcement is disclosed in accordance with Article 19 of the European Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.