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

Email: [email protected]

Phone: +44 7720 687608

Hans Vassgård Eid, CFO, Zelluna ASA

Email: [email protected]

Phone: +47 482 48632

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