9 March 2025 – HydrogenPro ASA (OSE: HYPRO): Reference is made to the stock exchange announcement on 23 December 2024, regarding the private placement of 12,700,000 new shares towards existing shareholders ANDRITZ AG and Mitsubishi Heavy Industries, Ltd., raising gross proceeds of NOK 70 million to the Company (the "Private Placement"), and a potential subsequent offering on the same terms and conditions as in the Private Placement directed towards eligible shareholders (the "Subsequent Offering").

The board of directors of the Company has decided not to proceed with the Subsequent Offering. The background for the cancellation is that the Company's shares have traded below the subscription price in the Private Placement for a substantial period of time, and at sufficient volumes. Shareholders wishing to reduce the dilutive effect of the Private Placement have therefore had the opportunity to purchase shares in the market at prices below the price which would have been the subscription price in the Subsequent Offering.

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