Vewd files voluntary Chapter 11 bankruptcy proceeding

Otello refers to its announcement of July 14, 2021, in which it informed the market that the agents for the Lenders under the Credit Agreement had accelerated the loans and exercised certain rights and remedies under the Credit Agreement so as to remove Martez Moore from the boards of Last Lion HoldCo AS and Vewd Software AS and to enable the appointment of the Special Committee members directly to those boards. It is Otello’s understanding that the board members and the investment banker appointed to run the sales process have not been unable to achieve a successful sale or refinancing of the business and that the lenders commenced a Chapter 11 bankruptcy proceeding with the United States Bankruptcy Court for the Southern District of New York in respect of the Vewd Group on December 15, 2021. As a result, Otello does not expect to get any value for its shares in Last Lion Holding Ltd.

Petter Lade, CFO

Phone: +47 91143878

E-mail: petterl@otellocorp.com