Observe Medical ASA – Registration of share capital increase pertaining to the rights issue

7 March 2022: Reference is made to the stock exchange announcement published by Observe Medical ASA (the "Company ") on 24 February 2022, regarding the final result of the rights issue of 25,714,286 new shares in the Company (the "Offer Shares") at a subscription price of NOK 7.00 per Offer Share (the "Rights Issue").

The share capital increase pertaining to the Rights Issue has now been registered in the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret). The Company's new share capital is NOK 11,783,133.18 divided into 45,319,743 shares, each with a nominal value of NOK 0.26.

Delivery of the Offer Shares in the Norwegian Central Securities Depository (the VPS) to the subscribers having been allocated Offer Shares in the Rights Issue is expected to take place tomorrow, on 8 March 2022, however trading in the Offer Shares on Euronext Expand with ordinary T+2 settlement may accordingly commence now.

For further information about the Company, please contact:

Björn Larsson, CEO of Observe Medical,

Mobile: +46 76 620 17 25

E-mail: [email protected]

Per Arne Nygård, CFO of Observe Medical,

Mobile: +47 411 04 345

E-mail: [email protected]

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.