American Shipping Company ASA: Completed buyback of own shares and sale of treasury shares to CEO and CFO

27 September 2021 - Reference is made to American Shipping Company ASA’s (“ASMC” or the “Company”) stock exchange notice dated 16 September 2021 where AMSC announced its intent to purchase 45,000 treasury shares in connection with its incentive scheme for employees. AMSC has completed the buyback of 45,000 treasury shares in the Company on Oslo Børs at an average price of NOK 31.90 per share, which implies a total consideration of NOK 1,435,598. The purchase of treasury shares was carried out in accordance with an authorization granted by the Annual General Meeting of the Company held on 20 April 2021.

Out of the total number of acquired shares, 25,000 shares have been sold to the Company’s CEO, Pål Magnussen, and 20,000 shares have been sold to MB Capital AS, a company controlled by the Company’s CFO, Morten Bakke, each at a price per share of NOK 25.64, which constitutes today’s closing price, less a price reduction of 20% to compensate for lock-up restrictions on the shares for a period of three years.

Following the transaction, the Company holds 0 treasury shares, Pål Magnussen (CEO) holds a total of 110,000 shares in AMSC, constituting approximately 0.18% of the Company’s shares and votes, and Morten Bakke (CFO), through MB Capital AS, holds a total of 100,000 shares in AMSC, constituting approximately 0.16% of the Company’s shares and votes.

Please see the attached notification for persons discharging managerial responsibilities in AMSC in accordance with Regulation EU 596/2014 (MAR) article 19.

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This release is an announcement subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued for information purposes only, and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, in the United States or in any other jurisdiction. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "US Securities Act"). The securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the US Securities Act.