Observe Medical ASA – Rights issue approved by the extraordinary general meeting

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Reference is made to the stock exchange announcements published by Observe Medical ASA (the "Company") on 14 January 2022 regarding a proposed fully underwritten rights issue in the Company (the "Rights Issue").

The extraordinary general meeting of the Company has today, on 4 February 2022, approved the Rights Issue and the authorisation to the board of directors to issue the consideration shares in connection with the Company's contemplated acquisition of Biim Ultrasound AS. The minutes from the extraordinary general meeting are attached hereto.

The full terms and conditions for the Rights Issue will be included in a prospectus (the "Prospectus"), which will be published prior to the commencement of the subscription period for the Rights Issue. The subscription period is expected to take place from 9 February 2022 to 23 February 2022 at 16:30 CET.

Carnegie AS and DNB Markets, a part of DNB Bank ASA, are acting as managers in the Rights issue. Advokatfirmaet Thommessen AS is acting as legal advisor to the Company in connection with the Rights issue. Advokatfirmaet Schjødt AS is acting as legal advisor to the Managers in connection with the Rights Issue.

For further information about the Company, please contact:

Björn Larsson, CEO of Observe Medical,

Mobile: +46 76 620 17 25

E-mail: bjorn.larsson@observemedical.com

Per Arne Nygård, CFO of Observe Medical,

Mobile: +47 411 04 345

E-mail: perarne.nygard@observemedical.com

For information about the Rights Issue please contact the Managers:

Carnegie AS, tel.: +47 22 00 93 40

DNB Markets, tel.: +47 23 26 81 01

About Observe Medical

Observe Medical develops and markets and sells innovative hospital products that contribute to increased patient safety and a more efficient care system. The company's ambition is to drive growth by leveraging its expertise in sales and commercialization of its broad portfolio of medical technology products, mainly in the areas of Urine measurement, Anesthesiology/ICUs and wound care, in combination with targeted M&A. The company's headquarter is in Oslo, Norway and its operations is based out of Gothenburg, Sweden. Observe Medical has a direct sales organization in the Nordics and a distributor network internationally. Observe Medical's product Sippi® is the only automated digital urine meter with possibility for wireless data transfer to the hospital patient data management systems and hinders bacterial migration that can lead to urinary infections (SippCoat®). Sippi® is CE marked and is currently being launched with focus on selected markets and hospitals in Nordics and in Europe.