HydrogenPro ASA - Exercise of options and mandatory notification of trade by a primary insider

Oslo, 18 August 2023: Option holders under HydrogenPro ASA's ("HydrogenPro" or the "Company", ticker code: HYPRO) share incentive program have yesterday exercised a total of 271,875 options with a strike price of NOK 7.00 per share. The exercised option value will be settled in cash.

Primary insider Karoline Aafos (CPO of the Company) has exercised 21,875 options in the Company under the share incentive program, corresponding to 21,875 shares at the strike price of NOK 7.00. Please see the attached form for further details about the transaction.

On 17 August 2023, the option holders, including the primary insider, transferred their rights to pay for and receive shares resulting from the exercise of options to DNB Bank ASA. The sales amount will be finally determined on the basis of the price subsequently obtained by DNB Bank ASA when selling the shares in the market. Still, the option holders cannot be held liable for losses incurred by DNB Bank ASA if the shares are later sold below the strike price. Final compensation for the transferred rights will be reported to Oslo Børs when known.

Further to the above, the Company's board of directors has in a board meeting held yesterday, on 17 August 2023, resolved to increase the Company's share capital by a total of NOK 5,437.5, by issuance of 271,875 new shares in the Company. The share capital increase was resolved pursuant to an authorization to increase the Company's share capital granted by the annual general meeting on 24 May 2023.

Following registration of the share capital increase pertaining to the issuance of new shares, the share capital of the Company will be NOK 1,266,000.92, divided into 63,300,046, each with a par value of NOK 0.02.

For further information, please contact:

Ida Eilertsen Nygård, Acting CFO & Head of Investor Relations and ESG
+47 986 11 952
[email protected]

About HydrogenPro:

HydrogenPro is a technology company and an OEM for high pressure alkaline electrolyser and supplies large scale green hydrogen technology & systems, all ISO 9001, ISO 45001 and ISO 14001 certified. The Company was founded in 2013 by individuals with background from the electrolysis industry which was established in Telemark, Norway by Norsk Hydro in 1927. We are an experienced engineering team of leading industry experts, drawing upon unparalleled experience and expertise in the hydrogen and renewable energy industry.

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