Targovax ASA: Resolution to increase the share capital following exercise of RSUs

Oslo, 18 May 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 settlement period for vested Restricted Stock Units ("RSUs"). The settlement period lasted from 7 May 2021 at 10:00 hours (CEST) to 18 May 2021 at 10:00 hours (CEST).

1. Settlement of RSUs

In total were 21,299 RSUs settled by one current and one former board member, giving the RSU holders the right to subscribe for 21,299 shares in total, each with a par value of NOK 0.10, at a subscription price of NOK 0.10 per share.

The RSU holders received the RSUs as part of their remuneration for their directorship at the board. The number of RSUs granted was calculated as the NOK amount of the RSU selected portion of the total remuneration to the respective board member, divided by the market price for the shares, calculated as the volume weighted average share price for the 10 trading days prior to the relevant AGM, being NOK 12.20 per share in 2016, NOK 14.33 per share in 2018 and NOK 6.34 per share in 2019.

2. Resolution to increase the share capital in Targovax ASA

The Company's board of directors has on 18 May 2021, in accordance with the authorisation granted by the general meeting on 17 March 2021, resolved to increase the share capital with NOK 2,129.90 by the issuance of 21,299 new shares, each with a par value of NOK 0.10 in order to facilitate the settlement of RSUs.

Accordingly, the new share capital of the Company is NOK 8,658,240.50 divided between 86,582,405 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.