Targovax ASA: Exercise of options under LTI program and resolution to increase the share capital

Oslo, 1 March 2021: The board of directors of Targovax ASA (OSE:TRVX) ("Targovax" or the "Company") has resolved to increase the share capital of the Company following the completion of an exercise period for vested share options under the Company's long-term incentive program for employees. The exercise period for the LTI program commenced on 19 February 2021 at 10:00 hours (CET) and ended on 1 March 2021 at 10:00 hours (CET).

1. Exercise of options

In total, 29,788 options were exercised, giving the option holders the right to subscribe for 29,788 shares, each with a par value of NOK 0.10, of which:

– 13,000 options were exercised at a subscription price of NOK 5.77 per share;

– 6,250 options were exercised at a subscription price of NOK 6.58 per share; and

– 10,538 options were exercised at a subscription price of NOK 7.74 per share.

2. Resolutions to increase the share capital in Targovax ASA

The Company's board of directors has on 1 March 2021, in accordance with the authorisation granted by the general meeting on 29 April 2020, resolved to increase the share capital with NOK 2,978.80 by the issuance of 29,788 new shares, each with a par value of NOK 0.10 in order to facilitate the exercise of options.

Accordingly, the new share capital of the Company is NOK 8,656,110.60, divided into 86,561,106 shares, each with a par value of NOK 0.10. The share capital increase will be registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret) as soon as practically possible after the share contribution has been fully paid.