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AMSC ASA: Buyback of own shares and share sale arrangement as part of incentive scheme for employees

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On 25 April 2023, the Annual General Meeting of American Shipping Company ASA (“AMSC” or the “Company”) granted the Board of Directors of AMSC an authorization to purchase treasury shares in connection with the Company’s incentive scheme for employees. In accordance with this authorization, the Company will today place an order with an investment broker for purchase of 150,000 treasury shares, with execution from 13 December and onwards.

100,000 shares will be sold to Pål Magnussen, CEO of AMSC, and 50,000 shares will be sold to MB Capital AS, a company controlled by Morten Bakke, CFO of AMSC, as part of the incentive scheme for the Company’s employees. The purchase price shall be the closing price in the AMSC shares on Oslo Børs at the date AMSC delivers the shares to the employees, less a price reduction of 20% to compensate for lock-up restrictions on the shares for a period of three years.

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The release is not for publication or distribution, in whole or in part directly or indirectly, in or into Australia, Canada, Japan or the United States (including its territories and possessions, any state of the United States and the District of Columbia) or in any other jurisdiction where such publication or distribution is unlawful. 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.

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