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Nel ASA: Approval and publication of Prospectus

(Oslo, 29 March 2019) Reference is made to the stock exchange announcement by Nel ASA ("Nel" or the "Company") on 31 January 2019, regarding key information relating to a subsequent offering of up to 12,500,000 new shares (the "Subsequent Offering") in the Company following the completion of a private placement announced by the Company on 30 January 2019 (the "Private Placement").

Approval and availability of the Prospectus:

The Financial Supervisory Authority of Norway has today approved a prospectus prepared by the Company (the "Prospectus") in connection with the Subsequent Offering and listing of up to 12,500,000 new shares in the Company, each with a par value of NOK 0.20 (the "Offer Shares").

The Prospectus will be available from 1 April 2019 on the following websites: www.nelhydrogen.com, www.carnegie.no, www.sb1markets.no and www.norne.no. Hard copies of the Prospectus will be available at the offices of Nel ASA, Karenslyst allé 20, 0278 Oslo, Norway, or by contacting Carnegie AS (+47 22 00 93 60), SpareBank 1 Markets AS (+47 24 14 74 00) or Norne Securities (+47 55 55 91 30).

The Subsequent Offering:

  • The Subsequent Offering will consist of an offer by the Company to issue up to 12,500,000 Offer Shares, raising approximately NOK 68.1 million in gross proceeds if all the Offer Shares are issued.
  • Eligible Shareholders, being shareholders of the Company as of 30 January 2019 (and being registered as such in the VPS on 1 February 2019, pursuant to the two days' settlement procedure in the VPS (the "Record Date")), (i) who were not allocated shares in the Private Placement, and (ii) who are not resident in a jurisdiction where such offering would be unlawful, or for jurisdictions other than Norway, would require any filing, registration or similar action, will be granted non-transferable subscription rights (the "Subscription Rights") that, subject to applicable law, provide preferential rights to subscribe for and be allocated Offer Shares at the Subscription Price (as defined below).
  • The Eligible Shareholders will be granted 0.0148 Subscription Rights for each existing share registered as held by such Eligible Shareholders as of the Record Date, rounded down to the nearest whole Subscription Right. Each whole Subscription Right provides a preferential right to subscribe for, and be allocated, one Offer Share at the Subscription Price, subject to applicable securities laws. Over-subscription will be permitted, but there can be no assurance of the number of shares that will be available for allocation pursuant to over-subscription. Subscription without Subscription Rights will not be permitted.
  • The subscription period will commence at 09:00 hours (CET) on 2 April 2019 and expire at 16:30 hours (CET) on 9 April 2019 (the "Subscription Period").
  • The subscription price in the Subsequent Offering is NOK 5.45 per Offer Share, being the same as the subscription price in the Private Placement completed on 30 January 2019 (the "Subscription Price").
  • The Subscription Rights are expected to have an economic value if the Company's shares trade above the Subscription Price during the Subscription Period. Eligible Shareholders who do not use their Subscription Rights will experience a dilution of their shareholding in the Company if other Eligible Shareholders subscribe for Offer Shares.
  • The Subscription Rights must be used to subscribe for Offer Shares in the Subscription Period and before the expiry of the Subscription Period on 9 April 2019 at 16:30 hours (CET). Subscription Rights that are not used to subscribe for Offer Shares before 16:30 hours (CET) on 9 April 2019 will have no value and will lapse without compensation to the holder.
  • The payment for the Offer Shares allocated to a subscriber falls due on 12 April 2019.
  • Subject to timely payment by all subscribers, the share capital increase pertaining to the Subsequent Offering is expected to be registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret) on or about 17 April 2019. The Offer Shares are expected to be delivered to the subscribers and commence trading on the Oslo Stock Exchange on 23 April 2019.

Carnegie AS, SpareBank 1 Markets AS and Norne Securities will act as managers in the Subsequent Offering (the "Managers").

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