Polight ASA — Capital/Financing Update 2020

Apr 16, 2020

poLight ASA: Successfully completed private placement and primary insider notification

poLight ASA: Successfully completed private placement and primary insider notification

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR

INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY OTHER

JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE

UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE

SECURITIES DESCRIBED HEREIN.

(Oslo, 16 April 2020) Reference is made to the stock exchange release from

poLight ASA ("poLight" or the "Company") published earlier today regarding a

contemplated private placement.

The Company is pleased to announce that it has raised approximately NOK 40

million in gross proceeds through a private placement (the "Private Placement")

of 727,273 new shares (the "New Shares"), at a price of NOK 55 per share. The

Private Placement took place through an accelerated bookbuilding process managed

by ABG Sundal Collier ASA and Arctic Securities AS as joint bookrunners

(together the "Managers") after close of markets on 16 April 2020.

The net proceeds from the Private Placement will be used to finance further

growth of the Company and general corporate purposes.

The new shares to be issued in connection with the Private Placement will be

issued based on a Board authorisation granted by the Company's general meeting

held 28 May 2019. The allocated shares will be settled on 21 April 2020 through

a delivery versus payment transaction with existing and unencumbered shares in

the Company that are already listed on the Oslo Stock Exchange pursuant to a

share lending agreement between the Managers, the Company and Investinor AS. The

shares delivered to the subscribers will thus be tradable from allocation.

Following registration of the new share capital pertaining to the Private

Placement, the Company will have 8,843,865 shares outstanding, each with a par

value of NOK 0.20.

Investinor AS, represented on the board of directors in the Company by Ann-Tove

Kongsnes, was allocated 171,545 shares in the Private Placement. Following this

transaction, Investinor AS owns 1,779,858 in the Company.

The Board of Directors of the Company will propose to the Annual General Meeting

(to be held on  28 May 2020) to carry out a subsequent offering of up to NOK 10

million towards the Company's shareholders as of 16 April 2020 (as documented by

the shareholder register in the Norwegian Central Securities Depository (VPS) as

of the end of 20 April 2020) who were not allocated shares in the Private

Placement (the "Subsequent Offering"). The subscription price in the Subsequent

Offering will be equal to the subscription price in the Private Placement. The

Board may at its discretion decide not to proceed with the Subsequent Offering.

The Company has considered the Private Placement in light of the equal treatment

obligations under the Norwegian Securities Trading Act and Oslo Børs' Circular

no. 2/2014 and is of the opinion that the waiver of the preferential rights

inherent in a private placement is considered necessary in the interest of time

and successful completion. Taking into consideration the time, costs and

expected terms of alternative methods of the securing the desired funding, as

well as the subsequent offering, the Board of Directors has concluded that the

completion of the Private Placement on acceptable terms at this time is in the

common interest of the shareholders of the Company.

For additional information, please contact:

Øyvind Isaksen, CEO, poLight ASA: +47 90 87 63 98

About poLight ASA

poLight offers a new autofocus lens which "replicates" the human eye for use

in devices such as smartphones, wearables, barcode, machine vision systems and

various medical equipment. poLight's TLens® enables better system performance

and new user experiences due to benefits such as extremely fast focus, small

footprint, no magnetic interference, low power consumption and constant field of

view. poLight is based in Horten, Norway, with offices in Finland, France and

China and representation in Taiwan and Korea. For more information, please

visit https://www.polight.com