Nel ASA: End of subscription period and cancellation of Subsequent Offering

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(Oslo, 28 September 2020) Reference is made to the stock exchange announcement by Nel ASA ("Nel" or the "Company") on 21 September 2020, regarding the extension of the subscription period in the offering of up to 10,840,109 new shares in the Company (the "Subsequent Offering") until 28 September 2020 at 16:30 hrs (CET).

The subscription period ended today at 16:30 hrs (CET). In light of the listed price for the Company’s shares on the Oslo Stock Exchange, which has been substantially below the offer price in the Subsequent Offering of NOK 18.45 for the last week at significant traded volumes, the Company’s Board of Directors has resolved to cancel the Subsequent Offering. Eligible shareholders that have exercised subscription rights for shares in the Subsequent Offering will thus not be offered offer shares at the offer price of NOK 18.45.

Carnegie AS, Arctic Securities AS and SpareBank 1 Markets AS act as managers in the Subsequent Offering (the "Managers"). Advokatfirmaet Schjødt AS acts as Norwegian legal counsel to Nel.