Zelluna ASA - Share Issue/Capital Change 2025

Zelluna ASA: Cancellation of subsequent repair offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO

THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY JURISDICTION IN WHICH SUCH

RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Oslo, 9 December, 2025: Reference is made to the stock exchange announcement

published by Zelluna ASA ("Zelluna" or the "Company") on 3 November 2025

regarding the private placement (the "Private Placement"), and the intention to

carry out a subsequent repair offering (the "Subsequent Offering"), depending,

inter alia, on the development of the price of the shares in the Company after

completion of the Private Placement.

The board of directors of the Company has resolved not to proceed with the

Subsequent Offering.

The background for the cancellation is that the Company's shares have traded at

or below the subscription price in the Private Placement for an extended period

of time and at sufficient volumes. Shareholders wishing to reduce the dilutive

effect of the Private Placement have thus had the opportunity to purchase shares

in the market at prices at or below the price which would have been the

subscription price in the Subsequent Offering.

For further information, please contact:

Namir Hassan, CEO, Zelluna ASA

Phone: +44 7720 687608

Hans Vassgård Eid, CFO, Zelluna ASA

Phone: +47 482 48632

AI assistant