Urb-it carries out a directed share issue of approximately SEK 80 million

URB-IT CARRIES OUT A DIRECTED SHARE ISSUE OF APPROXIMATELY SEK 80 MILLION

The subscription price of SEK 4.30 per share, corresponding to a discount of approximately 6.3% compared to the volume-weighted average price for the Company's share on Nasdaq First North Growth Market during the last 10 trading days and a discount of approximately 8.3% compared to the closing price for the Company's share on 27 October 2021, has been determined based on discussions with several institutional investors who have shown interest in participating in the Share Issue. In view hereof, it is the board of directors' assessment that the subscription price is market-based.

The Share Issue was primarily directed to a limited number of institutional investors, including Skandia and Ilija Batljan Invest AB

Kevin Kviblad, CEO of the Company, comments:

"The completion of the directed share offering puts Urb-it in an attractive position. We have expanded from three to nine cities in less than 10 months, we have a first mover advantage in key European markets, and we are right now in a position from which we can scale rapidly.

Our new partners are in place, the demand is in place, and we can deploy the capital immediately by setting up new hyper-local hubs and scaling up our e-cargo bike fleet in our home markets UK and France - in both current cities and by expanding to new cities. Additionally, the new capital will enable us to pursue marketing opportunities that will further support growth.

In short, the share issue will enable us to hit the ground running, leveraging our favourable position and make a step change in our growth trajectory."

The rationale for carrying out the Share Issue and the reasons for the deviation from the shareholders' preferential rights is that Urb-it has identified an opportunity to raise capital in a time- and cost-efficient manner, while at the same time diversifying and further strengthening the shareholder base. The proceeds from the Share Issue are primarily intended to be used for used for establishing new hyper-local hubs and scaling Urb-it's e-cargo bike fleet in existing and new cities and invest in marketing to further support the Company's growth.

Through the Share Issue, the Company's share capital will increase by approximately SEK 2,286,568.8 from approximately SEK 23,813,306.5 to approximately SEK 26,099,875.3 through issue of 18,650,000 new shares, entailing that the total number of outstanding shares will increase from 194,229,084 shares to 212,879,084 shares. The Share Issue will entail a dilution of approximately 8.8 per cent for existing shareholders based on the total number of outstanding shares and votes in the Company following the Share Issue.

ABG Sundal Collier has acted as Sole Bookrunner and KANTER Advokatbyrå has acted as legal adviser to the Company in connection with the Share Issue.

This information is information that Urb-it AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above on 27 October 2021 20:00 CEST

For further information, please contact:

Kevin Kviblad, CEO, [email protected]

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