CrayoNano AS: Launch of Subsequent Offering


Trondheim, Norway—16 May 2023—Reference is made to the announcement from CrayoNano AS ("CrayoNano" or the "Company") on 18 April 2023 regarding, inter alia, the intention to carry out a subsequent offering of up to 1,785,714 new shares (the "Subsequent Offering") following the successful private placement of new shares raising gross proceeds of approximately NOK 125 million (the "Private Placement").

Based on an authorization granted by the general meeting of the Company on 25 April 2023, the board of the Company has resolved to proceed with the Subsequent Offering by the issue of up to 1,785,714 new shares, each with a nominal value of NOK 0.02 and at an Offer Price of NOK 14.00 per share (the "Offer Price"), which may raise total gross proceeds of up to NOK 25 million. The Offer Price equals the offer price in the Private Placement.

The Subsequent Offering will be directed towards existing shareholders in the Company as registered in VPS on 18 April 2023 ("Record Date"), who (i) were not allocated shares in the Private Placement, and (ii) are not resident in jurisdictions where such offering would be unlawful, or (would in jurisdictions other than Norway) require any prospectus, registration or similar action. Such shareholders will be granted non-tradable subscription rights to subscribe for, and upon subscription, be allocated new shares (the "Eligible Shareholders").

Eligible Shareholders are being granted 0.09817 non-tradable subscription rights (the "Subscription Rights") for every share recorded as held in the Company at the Record Date, that, subject to applicable law, provide preferential rights to subscribe for and be allocated Offer Shares in the Subsequent Offering. The total number of Subscription Rights granted to each Eligible Shareholder will be rounded down to the nearest whole number of Subscription Rights without compensation to the holder. Each Subscription Right grants the holder a right to subscribe for and be allocated one (1)) Offer Share in the Subsequent Offering. Over-subscription will be allowed; however there can be no assurance that Offer Shares will be allocated for such subscriptions. Subscription without Subscription Rights will not be permitted.

The subscription period for the Subsequent Offering is expected to commence on 22 May 2023 at 09:00 CEST and end on 5 June 2023 at 16:30 CEST (the "Subscription Period"), subject to registration of a national prospectus (the "Prospectus") with the Norwegian Register of Business Enterprises in accordance with section 7-8 of the Norwegian Securities Trading Act. Registration of the Prospectus is expected to take place on or about 16 May 2023 and will be made available at the Company's and Managers' webpages. The Prospectus sets out the terms and conditions for the Subsequent Offering and includes, inter alia, a description of the Company and the material risk factors associated with an investment in the Offer Shares.

The Company, in consultation with the Managers (as defined below), reserves the right to extend the Subscription Period for the Subsequent Offering at any time and without any prior written notice and at its sole discretion.

In order to subscribe for shares, the Managers (as defined below) must either receive a complete and duly signed subscription form or a subscription through VPS' solution within the end of the Subscription Period. Subscription rights that are not used to subscribe for Offer Shares before the expiry of the Subscription Period will have no value and will lapse without compensation to the holder.

The due date for payment of the Offer Shares is expected to be on 9 June 2023. The Offer Shares will, after registration of the share capital increase in the Norwegian Register of Business Enterprises pertaining to the Offer Shares, be registered in the VPS in book-entry form and are expected to be delivered to the subscriber's VPS account on or about 30 June 2023. The Offer Shares will have equal rights and rank pari passu with the Company's other shares.

Completion of the Subsequent Offering is subject to (i) all necessary corporate resolutions being validly made by the Company, including the Board of directors resolving to allocate the Offer Shares, and (ii) registration of the share capital increase pertaining to the Subsequent Offering with the Norwegian Register of Business Enterprises and delivery of the Offer Shares to the subscribers in the VPS.

DNB Markets, a part of DNB Bank ASA and SpareBank 1 Markets AS are acting as managers for the Subsequent Offering (the "Managers"). Advokatfirmaet Wiersholm is acting as legal counsel to CrayoNano.

For further information, please contact:

Jo Uthus, CEO
Tel: + 47 47 38 06 34

Jens Kielland, CFO
Tel: + 47 95 81 55 81

About CrayoNano AS

Founded in 2012, CrayoNano develops and manufactures nanomaterials-based semiconductor components using proprietary technologies. Headquartered in Trondheim, Norway, CrayoNano has expanded with a branch in Taiwan and supporting customers globally with sales representatives in EMEA, APAC and Americas. CrayoNano’s innovative semiconductor components advance global solutions in health and safety, water purification, consumer, and industrial applications, and more. CrayoNano is registered on Euronext NOTC in Norway under the ticker “CNANO”.

Important notice:

This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to "qualified institutional buyers" as defined in Rule 144A under the Securities Act.

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. The expression "Prospectus Regulation" means Regulation (EU) 2017/1129 as amended (together with any applicable implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) 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) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for 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.

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 "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" 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 believe 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 their 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 Company does not make any guarantee that the assumptions underlying the forward-looking statements in this announcement are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this announcement or any obligation to update or revise the statements in this announcement to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this announcement.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

Neither the Managers nor any of their 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. Neither the Managers nor any of their affiliates accepts any liability arising from the use of this announcement.

The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.