Techstep ASA: Subsequent Offering successfully completed

Oslo, 15 December 2022: Reference is made to the announcement on 29 November 2022, whereby Techstep ASA ("Techstep" or the "Company") published the approved prospectus and announced the start of subscription period in the Subsequent Offering of up to 15,000,000 new shares (the “Offer Shares”) in the Company at a subscription price of NOK 1.15 per share.

The subscription period for the Subsequent Offering expired yesterday at 16:30 (CET). By the end of the subscription period, the Company has received valid subscriptions for 802,160 Offer Shares in the Subsequent Offering. All of the subscribers will receive the full amount of shares subscribed for, raising gross proceeds of approximately NOK 922,484. 

The Company has today resolved to issue 802,160 new shares at price of NOK 1.15 per share. Subject to timely payment for the Offer Shares, the Offer Shares is expected to be delivered to the subscribers VPS accounts on or about 22 December 2022.

Notifications of allocated Offer Shares and the corresponding amount to be paid by investors are expected to be communicated to investors on or about 16 December 2022, with payment date on 20 December 2022. Investors who have access to investor services through their VPS account manager should be able to see how many Offer Shares they have been allocated from on or around 16 December 2022. The Managers may also be contacted for information regarding allocation, payment and delivery of the shares in the Subsequent Offering.

Arctic Securities AS and SpareBank1 Markets AS (the “Managers”) are acting as managers in the Subsequent Offering. AGP Advokater AS is acting as legal advisor to the Company.

For further information, please contact:

Børge Astrup, CEO, Techstep ASA: +47 928 27 676

Anita Huun, CFO, Techstep ASA: +47 924 11 563

About Techstep ASA

Techstep is a mobile technology company that enables organisations to perform smartly, securely and sustainably through combining software, mobile devices and services to meet customers´ business and ESG goals. We are a leading provider of managed mobility services in the Nordics serving more than 2 000 customers in Europe, with an annual revenue of NOK 1.3 billion in 2021. We are listed on the Oslo Stock Exchange under the ticker TECH. To learn more, please visit techstep.io.

Important information

This announcement is not an offer to sell or a solicitation of any offer to buy any securities of Techstep ASA. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "US Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the US Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering or their securities in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to "qualified institutional buyers" as defined in Rule 144A under the US Securities Act.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression "Prospectus Regulation" means Regulation 2017/1129 as amended together with any applicable implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons in the United  Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services  and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe," "expect," "anticipate", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice. Neither the Company nor the Managers undertake any obligation to review, update, confirm or release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this communication. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

Neither the Managers nor any of their respective affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities in the Company. Neither the Managers nor any of their respective affiliates accepts any liability arising from the use of this announcement.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.