REC Silicon — Share Issue/Capital Change 2026

Apr 8, 2026

REC Silicon ASA - Final results of the Rights Issue

REC Silicon ASA - Final results of the Rights Issue

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED

STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE

PEOPLE'S REPUBLIC OF CHINA, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE

DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE.

PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT

Reference is made to the previous stock exchange announcements made by REC

Silicon ASA (the "Company") regarding the fully underwritten rights issue of

4,078,000,000 new shares in the Company (the "Offer Shares") at a subscription

price of NOK 0.2385 per Offer Share, raising gross proceeds of NOK 972.6

million (the "Rights Issue").

The subscription period for the Rights Issue expired at 16:30 (CEST) on 7

April 2026.

At the expiry of the subscription period, the Company had received valid

subscriptions for a total of 150,230,856 Offer Shares from other shareholders

than Anchor AS (the "Underwriter"). The remaining 3,927,769,144 Offer Shares

will be allocated to the Underwriter based on a combination of subscriptions

and underwriting.

Allocation of the Offer Shares has been completed in accordance with the

allocation criteria set out in the prospectus for the Rights Issue dated 18

March 2026. The board of directors of the Company has allocated a total of

4,078,000,000 Offer Shares.

As previously announced, the Underwriter is entitled to an underwriting fee of

7% of its underwriting commitment (excluding the Underwriter's own pro rata

participation in the Rights Issue based on allocated subscription rights),

payable in the form of new shares in the Company at the subscription price in

the Rights Issue (the "Underwriting Commission Shares"). Based on the final

results of the Rights Issue, a total of 113,000,457 Underwriting Commission

Shares will be issued to the Underwriter. Notifications of the allocated Offer

Shares and the corresponding subscription amount to be paid by each

subscriber, are expected to be distributed today, 8 April 2026. The due date

for payment of the Offer Shares is 10 April 2026.

The Offer Shares may not be transferred or traded before they have been fully

paid and the share capital increase pertaining to the Rights Issue has been

registered with the Norwegian Register of Business Enterprises. The Company

will publish a stock exchange announcement once the share capital increase has

been registered. Subject to timely payment of the aggregate subscription

amount in the Rights Issue, it is expected that the share capital increase

pertaining to the Rights Issue will be registered with the Norwegian Register

of Business Enterprises on or about 14 April 2026 and that the Offer Shares

will be delivered to subscribers on or about 14 April 2026.

The Offer Shares are expected to be tradeable on Euronext Oslo Børs from on or

about 14 April 2026.

Advisors:

Arctic Securities AS is acting as manager and bookrunner in connection with

the Rights Issue (the "Manager"). Advokatfirmaet Schjødt AS is acting as legal

advisor to the Company in connection with the Rights Issue.

IMPORTANT INFORMATION

This announcement does not constitute an offer of securities for sale or a

solicitation of an offer to purchase securities of the Company in the United

States or any other jurisdiction. Copies of this document may not be sent to

jurisdictions, or distributed in or sent from jurisdictions, in which such

action is barred or prohibited by law. The securities of the Company may not

be offered or sold in the United States absent registration or an exemption

from registration under the U.S. Securities Act of 1933, as amended (the "U.S.

Securities Act"). The securities of the Company have not been, and will not

be, registered under the U.S. Securities Act. Any sale in the United States of

the securities mentioned in this communication will be made solely to

"qualified institutional buyers" as defined in Rule 144A under the U.S.

Securities Act. No public offering of the securities will be made in the

United States.

This announcement is not a prospectus for the purposes of Regulation (EU)

2017/1129 of the European Parliament and of the Council of 14 June 2017 on

prospectuses to be published when securities are offered to the public or

admitted to trading on a regulated market, and repealing Directive 2003/71/EC

(as amended) as implemented in any EEA Member State (the "Prospectus

Regulation").

In any EEA Member State, this communication is only addressed to and is only

directed at qualified investors in that Member State within the meaning of the

Prospectus Regulation, i.e., only to investors who can receive the offer

without an approved prospectus in such EEA Member State. In the United

Kingdom, this communication is only addressed to and is only directed at

Qualified Investors who (i) are investment professionals falling within

Article 19(5) of the Financial Services and Markets Act 2000 (Financial

Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling

within Article 49(2)(a) to (d) of the Order (high net worth companies,

unincorporated associations, etc.) (all such persons together being referred

to as "Relevant Persons"). These materials are directed only at Relevant

Persons and must not be acted on or relied on by persons who are not Relevant

Persons. Any investment or investment activity to which this announcement

relates is available only to Relevant Persons and will be engaged in only with

Relevant Persons. Persons distributing this communication must satisfy

themselves that it is lawful to do so.

This document is not for publication or distribution in, directly or

indirectly, the United States, Canada, Australia, the Hong Kong Special

Administrative Region Of The People's Republic Of China or Japan or Any other

jurisdiction in which such release, publication or distribution would be

unlawful, and it does not constitute an offer or invitation to subscribe for

or purchase any securities in such countries or in any other jurisdiction. In

particular, the document and the information contained herein should not be

distributed or otherwise transmitted into the United States or to publications

with a general circulation in the United States of America.

The Manager is acting for the Company in connection with the Rights Issue and

no one else and will not be responsible to anyone other than the Company for

providing the protections afforded to their respective clients or for

providing advice in relation to the Rights Issue or any transaction or

arrangement referred to in this announcement.

Matters discussed in this announcement may constitute forward-looking

statements. Forward looking statements are statements that are not historical

facts and may be identified by words such as "anticipate", "believe",

"continue", "estimate", "expect", "intends", "may", "should", "will" and

similar expressions. The forward-looking statements in this release are based

upon various assumptions, many of which are based, in turn, upon further

assumptions.

Although the Company believes that these assumptions were reasonable when

made, these assumptions are inherently subject to significant known and

unknown risks, uncertainties, contingencies and other important factors which

are difficult or impossible to predict and are beyond its control. Such risks,

uncertainties, contingencies and other important factors could cause actual

events to differ materially from the expectations expressed or implied in this

release by such forward-looking statements. The information, opinions and

forward-looking statements contained in this announcement speak only as at its

date and are subject to change without notice. This announcement is made by

and is the responsibility of, the Company. Neither the Manager nor any of its

respective affiliates makes any representation as to the accuracy or

completeness of this announcement and none of them accepts any responsibility

for the contents of this announcement or any matters referred to herein.

This announcement is for information purposes only and is not to be relied

upon in substitution for the exercise of independent judgment. It is not

intended as investment advice and under no circumstances is it to be used or

considered as an offer to sell, or a solicitation of an offer to buy any

securities or a recommendation to buy or sell any securities of the Company.

No reliance may be placed for any purpose on the information contained in this

announcement or its accuracy, fairness or completeness. Neither the Manager

nor any of its respective affiliates accepts any liability arising from the

use of this announcement.

Contacts

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Nils O. Kjerstad

IR Contact

Phone: +47 9135 6659

Email: nils.kjerstad@recsilicon.com

About REC Silicon

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REC Silicon is a leading producer of advanced silicon materials, delivering

high-purity silicon gases to the solar and electronics industries worldwide.

We combine over 40 years of experience and proprietary technology with the

needs of our customers. Listed on the Oslo Stock Exchange (ticker: RECSI), the

Company is headquartered in Lysaker, Norway.

For more information, go to: www.recsilicon.com

This information is subject to disclosure under the Norwegian Securities

Trading Act, §5-12. The information was submitted for publication, through the

agency of the contact persons set out above, at 2026-04-08 14:26 CEST.