Polight ASA — Capital/Financing Update 2021

Sep 13, 2021

PoLight ASA: Private Placement successfully placed

PoLight ASA: Private Placement successfully placed

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

INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANOTHER

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.

(Horten, 13 September 2021) Reference is made to the stock exchange release from

PoLight ASA ("poLight" or the "Company") published on 13 September 2021

regarding a contemplated private placement.

The Company hereby announces that it has allocated 1,136,363 new shares in the

Company (the "Offer Shares") in a private placement (the "Private Placement") at

a subscription price of NOK 110 per share, corresponding to a total size of the

Private Placement of approximately NOK 125 million. The Private Placement was

significantly oversubscribed, and was upsized from the initially contemplated

amount of up to NOK 100 million to approximately NOK 125 million based on strong

investor demand.

Pareto Securities acted as sole manager in connection with the Private

Placement.

The net proceeds of the Private Placement will be used to accelerate organic

growth, as well as for general corporate purposes.

Notification of allotment of the Offer Shares including settlement instructions

will be sent to the applicants through a notification from the Manager on or

about 14 September 2021. The Offer Shares will be settled through a delivery

versus payment transaction on or about 16 September 2021 with existing and

unencumbered shares in the Company that are already admitted to trading on Oslo

Børs, pursuant to a share lending agreement between the Company, the Manager,

and Investinor Direkte AS. The Offer Shares will be tradable from allocation,

i.e. from 14 September 2021.

In order to settle the share loan, the Company's Board of Directors has resolved

to issue 1,136,363 new shares in the Company to the Manager pursuant to the

authorization granted by the Company's annual general meeting on 26 May 2021.

Consequently, the share capital of the Company will be increased with NOK

227,272.60 from NOK 1,825,640 to NOK 2,052,912.60. Following registration of the

new share capital pertaining to the Private Placement, the Company will have

10,264,563 shares outstanding, each with a par value of NOK 0.2.

The Company's Board is of the opinion that the Private Placement complies with

the equal treatment obligations under the Norwegian Securities Trading Act and

Oslo Børs' Circular no. 2/2014, in particular due to the fact that (i) in the

current market, a private placement had a larger possibility of success compared

to a rights issue and, therefore, gives the Company timely access to the new

capital at lower risk; (ii) the cost of raising capital is assumed to be lower

than in a rights issue since any discount is likely to be smaller and

subscription guarantees are avoided; and (iii) the Company intends to carry out

a subsequent offering directed towards shareholders who were not offered to

participate in the Private Placement (the "Subsequent Offering"). On this basis

and based on an assessment of the current equity markets, the Company's Board

has considered the Private Placement to be in the common interest of the Company

and its shareholders. As a consequence of the Private Placement structure, the

shareholders' preferential rights were deviated from.

Subject to the preparation and publication of a prospectus and prevailing market

conditions, poLight will carry out a Subsequent Offering of up to 170,455 new

shares in the Company, corresponding to gross proceeds of up to approximately

NOK 18.75 million. The Subsequent Offering will be made on the basis of the

aforementioned prospectus and will be directed towards eligible shareholders in

the Company as of 13 September 2021 who; (i) were not invited to subscribe for

shares in the pre-sounding of the Private Placement, (ii) were not allocated

Offer Shares in the Private Placement, or (iii) is not resident in a

jurisdiction would be unlawful, or would (in jurisdictions other than Norway)

require any prospectus, filing, registration or similar action (the "Eligible

Shareholders"). The Eligible Shareholders will be granted non-tradable

subscription rights. Over-subscription will be permitted, but subscription

without subscription rights will not be permitted in the Subsequent Offering.

The subscription period in the Subsequent Offering is expected to commence

shortly after publication of a prospectus, and the subscription price in the

Subsequent Offering will be the same as in the Private Placement.

Advokatfirmaet CLP DA acts as Norwegian legal counsel in connection with the

Private Placement.

For further 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 and China and

representation in France, UK, US, Taiwan, Korea and Japan. For more information,

please visit https://www.polight.com

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation article 7 and is subject to the disclosure requirements

pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock

exchange announcement was published by Alf Henning Bekkevik, CFO, poLight ASA,

on 13 September 2021 at 23:24 CEST.