poLight ASA: Successfully completed private placement and primary insider notification

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

(Oslo, 16 April 2020) Reference is made to the stock exchange release from poLight ASA ("poLight" or the "Company") published earlier today regarding a contemplated private placement.

The Company is pleased to announce that it has raised approximately NOK 40 million in gross proceeds through a private placement (the "Private Placement") of 727,273 new shares (the "New Shares"), at a price of NOK 55 per share. The Private Placement took place through an accelerated bookbuilding process managed by ABG Sundal Collier ASA and Arctic Securities AS as joint bookrunners (together the "Managers") after close of markets on 16 April 2020.

The net proceeds from the Private Placement will be used to finance further growth of the Company and general corporate purposes.

The new shares to be issued in connection with the Private Placement will be issued based on a Board authorisation granted by the Company's general meeting held 28 May 2019. The allocated shares will be settled on 21 April 2020 through a delivery versus payment transaction with existing and unencumbered shares in the Company that are already listed on the Oslo Stock Exchange pursuant to a share lending agreement between the Managers, the Company and Investinor AS. The shares delivered to the subscribers will thus be tradable from allocation. Following registration of the new share capital pertaining to the Private Placement, the Company will have 8,843,865 shares outstanding, each with a par value of NOK 0.20.

Investinor AS, represented on the board of directors in the Company by Ann-Tove Kongsnes, was allocated 171,545 shares in the Private Placement. Following this transaction, Investinor AS owns 1,779,858 in the Company.

The Board of Directors of the Company will propose to the Annual General Meeting (to be held on  28 May 2020) to carry out a subsequent offering of up to NOK 10 million towards the Company's shareholders as of 16 April 2020 (as documented by the shareholder register in the Norwegian Central Securities Depository (VPS) as of the end of 20 April 2020) who were not allocated shares in the Private Placement (the "Subsequent Offering"). The subscription price in the Subsequent Offering will be equal to the subscription price in the Private Placement. The Board may at its discretion decide not to proceed with the Subsequent Offering.

The Company has considered the Private Placement in light of the equal treatment obligations under the Norwegian Securities Trading Act and Oslo Børs' Circular no. 2/2014 and is of the opinion that the waiver of the preferential rights inherent in a private placement is considered necessary in the interest of time and successful completion. Taking into consideration the time, costs and expected terms of alternative methods of the securing the desired funding, as well as the subsequent offering, the Board of Directors has concluded that the completion of the Private Placement on acceptable terms at this time is in the common interest of the shareholders of the Company.

For additional information, please contact:

Øyvind Isaksen, CEO, poLight ASA: +47 90 87 63 98

About poLight ASA

poLight offers a new autofocus lens which "replicates" the human eye for use in devices such as smartphones, wearables, barcode, machine vision systems and various medical equipment. poLight's TLens® enables better system performance and new user experiences due to benefits such as extremely fast focus, small footprint, no magnetic interference, low power consumption and constant field of view. poLight is based in Horten, Norway, with offices in Finland, France and China and representation in Taiwan and Korea. For more information, please visit https://www.polight.com