Correction*; Norbit ASA: Mandatory notification of trades and disclosure of share lending

Trondheim, 3 July 2024: Reference is made to the stock exchange announcement by Norbit ASA ("NORBIT" or the "Company") (Euronext Oslo Børs trading symbol: NORBT) of 2 July 2024 (the "Announcement") regarding the successful private placement raising gross proceeds of approximately NOK 200 million (the "Private Placement") at a price per share of NOK 77 (the "Offer Price"). All terms used in this notice shall have the meaning ascribed to such terms in the Announcement.

Mandatory notification of trades

The following primary insiders in the Company and close associates of primary insiders were allocated Offer Shares in the Private Placement at the Offer Price as follows: Reitan Kapital AS ("Reitan Kapital"), a company closely associated with the Company's Board member Håkon Kavli, was allocated 257,698 Offer Shares; Petors AS, a company closely associated with the Company's CEO Per Jørgen Weisethaunet, was allocated 25,974 Offer Shares.

Disclosure of share lending

To facilitate delivery-versus-payment settlement to investors in the Private Placement, Reitan Kapital has lent existing shares to the Managers pursuant to a share lending agreement as further detailed in the Announcement.

*Prior to completion of the Private Placement, Reitan Kapital held 5,829,083 shares in the Company (representing approximately 9.68% of the issued share capital and votes). The Managers have actually borrowed 2,597,403 shares from Reitan Kapital which will be delivered to investors in the Private  Placement.  During the term of the share  loan, and prior  to the redelivery,  Reitan Kapital's shareholding in the Company  will  be  reduced  to  3,489,378 shares , equivalent to approximately 5.55% of the issued share capital  and  votes.  Consequently,  Reitan  Kapital has not fallen below the 5% threshold  pursuant  to  section  4-2 (1)  and  (3)  of the Norwegian Securities Trading Act.

The Board has resolved to issue the 2,597,403 Offer Shares in the Private Placement pursuant to the authorization granted by the Company’s annual general meeting held on 6 May 2024, all of which will be subscribed by the Managers and, once issued, delivered to Reitan Kapital as settlement of shares borrowed in relation to settlement of the Private Placement.

*See the enclosed forms for further details about the transactions.

For further information, please contact:

Per Jørgen Weisethaunet, CEO,

Per Kristian Reppe, CFO,

ABOUT NORBIT ASA

NORBIT is a global provider of tailored technology to selected applications, solving challenges and promoting sustainability through innovative solutions, in line with its mission to Explore More. The company is structured in three business segments to address its key markets: Oceans, Connectivity and Product Innovation & Realization. The Oceans segment delivers tailored technology solutions to global maritime markets. The Connectivity segment provides wireless solutions for identification, monitoring and tracking. The Product Innovation & Realization segment offers R&D services, proprietary products, and contract manufacturing to key customers. NORBIT is headquartered in Trondheim with manufacturing in Europe, has around 500 employees, and a worldwide sales and distribution platform.

For more information:

This information is subject to the disclosure requirements in Regulation EU 596/2014 (MAR) article 19 number 3 and section 4-3 of the Norwegian Securities Trading Act.

Attachment