Item 1: Authorisations to the board of directors to increase the share capital of the Company
The board of directors has proposed a number of resolutions to the shareholders at the extraordinary general meeting granting the board of directors authorisations to issue shares, warrants and to convert debt into shares. The proposals are motivated by the need to create further flexibility for the board of directors for raising additional capital in order to repay the Company's outstanding debt, rebuild the cash-buffer and finance further growth. Please also refer to the company announcement and description of the contemplated capitalization structure published in connection with this notice.

The EGM decided that the board of directors is authorised until 31 December 2020 to increase the Company's share capital as follows:

a. Increase of authorisation to the board of directors to increase the share capital at market price with pre-emption rights for existing shareholders

Increase of the authorisation to the board of directors in article 4.1 of the articles of association to increase the Company's share capital at market price in one or more issues of new shares with pre-emption rights for the Company's existing shareholders by up to nominally DKK 1,943,537.60 from previously DKK 728,826.60. The capital increase shall take place by way of cash contribution or, as a new inclusion, conversion of debt.

b. Authorisation to the board of directors to increase the share capital at market price without pre-emption rights for existing shareholders

Increase of the authorisation to the board of directors in article 4.2 of the articles of association to increase the Company's share capital at market price in one or more issues of new shares without pre-emption rights for the Company's existing shareholders by up to nominally DKK 1,943,537.60 from previously DKK 728,826.60. The capital increase shall take place by way of cash contribution or conversion of debt.

c. Authorisation to the board of directors to issue convertible debt instruments at market price without pre-emption rights for existing shareholders

Increase of the authorisation to the board of directors in article 4.3 of the articles of association to issue convertible debt instruments in one or more issues which may be converted in to share capital of up to a total nominal value of nominally DKK 1,943,537.60 from previously DKK 728,826.60. The subscription shall take place without pre-emption rights for the existing shareholders. Further, the subscription and conversion price shall be determined by the board of directors as the market price at the time of conversion or as a price equal to or above market price at the time of the decision to issue the convertible debt instruments.   

d. Authorisation to the board of directors to increase the share capital at a rate discounted to the market price with pre-emption rights for existing shareholders

Increase of the authorisation to the board of directors in article 4.4 of the articles of association to increase the Company's share capital at a rate discounted to the market price in one or more issues of new shares with pre-emption rights for the Company's existing shareholders by up to nominally DKK 1,943,537.60 from previously DKK 728,826.60. The capital increase shall take place by way of cash contribution or, as a new inclusion, conversion of debt.
 

e. Authorisation to the board of directors to issue warrants

An authorisation to the board of directors to issue up to 18,220,665 warrants in one or more tranches to those who have subscribed for shares in connection with the Company's rights issue, each granting the right to subscribe for one share of nominally DKK 0.04 and to resolve on the related increase of the Company's share capital of up to nominally DKK 728,826.60 with pre-emptive rights for existing shareholders is included as a new article 3.5 of the articles of association.

f. Increase of the total capital increases the board of directors is authorised to perform pursuant to article 4

The total capital increase the board of directors are authorised to perform in accordance with articles 4.1 - 4.6 of the articles of association as set out in article 4.7 will be adjusted to nominally DKK 1,943,537.60 in total from previously DKK 728,826.60, whereas the capital increases which the board of directors is authorised to perform in accordance with articles 4.5 - 4.6 cannot exceed DKK 728,826.60 in total.

All shares issued in accordance with the authorisations proposed under item 1.a to 1.e above to be included in article 3 and 4 of the Company's articles of association shall be issued in the name of the holder and registered in the Company's register of shareholders, be fully paid up, be negotiable instruments, and shall in every respect carry the same rights as the existing shares. Further, the board of directors is authorised to determine the terms of capital increases made under article 3 and 4 and to implement any such amendments to the articles of association as may be necessitated by an exercise of the authorisations in the new articles 4.1 - 4.4 and 3.5.

Re items 1.a - 1.f: Proposed amendments to the articles of association

Adoption of the proposals in items 1.a - 1.d and 1.f will, subject to adoption of the proposals, result in updated articles 4.1 - 4.4 and 4.7 with the following wording:

4 Bemyndigelse til   Authorisation for capital increases
kapitalforhøjelser
4.1 Bestyrelsen er i   In the period until 31 December 2020, the Board
perioden indtil den of Directors is authorised to increase the
31. december 2020 Company's share capital in one or more issues of
bemyndiget til med new shares with pre-emption rights for the
fortegningsret for Company's existing shareholders by up to
Selskabets nominally DKK 1,943,537.60. The capital increase
eksisterende shall take place at market price by way of cash
aktionærer at contribution or conversion of debt.
forhøje Selskabets
aktiekapital ad én
eller flere gange
med i alt op til
nominelt DKK
1.943.537,60.
Kapitalforhøjelsen
skal ske til
markedskurs og skal
ske ved kontant
betaling eller
konvertering af
gæld.
4.2 Bestyrelsen er i   In the period until 31 December2020, the Board
perioden indtil den of Directors is authorised to increase the
31. december 2020 Company's share capital in one or more issues of
bemyndiget til uden new shares without pre-emption rights for the
fortegningsret for Company's existing shareholders by up to
Selskabets nominally DKK 1,943,537.60. The capital increase
eksisterende shall take place at market price by way of cash
aktionærer at contribution or conversion of debt.
forhøje Selskabets
aktiekapital ad én
eller flere gange
med i alt op til
nominelt DKK
1.943.537,60.
Kapitalforhøjelsen
skal ske til
markedskurs og skal
ske ved kontant
betaling eller
konvertering af
gæld.
4.3 Bestyrelsen er i   In the period until 31 December 2020, the Board
perioden indtil den of Directors is authorised to raise loans in one
31. december 2020 or more occasions against the issuance of
bemyndiget til at convertible debt instruments with a right for
optage lån ad én the lender(s) to convert the claim into shares
eller flere gange with a total nominal value of DKK 1,943,537.60.
mod udstedelse af A convertible debt instrument may be raised in
konvertible DKK or the equivalent in foreign currency.
gældsbreve, der af Convertible debt instruments shall be raised
långiver(ne) kan against payment in cash. The subscription shall
konverteres til nye take place without pre-emption rights for the
aktier med en Company's existing shareholders. The
pålydende værdi på subscription and conversion price shall be
indtil i alt determined by the board of directors as the
nominelt DKK market price at the time of conversion or as a
1.943.537,60.  price equal to or above market price at the time
Konvertible of the decision to issue the convertible debt
gældsbreve kan instruments. The board of directors determines
optages i danske kr. the specific terms and conditions governing the
eller et tilsvarende convertible debt instruments. The board of
beløb i udenlandsk directors is authorised to adopt the share
valuta. Konvertible capital increases related to convertible debt
gældsbreve skal instruments issued pursuant to this article 4.3.
tegnes mod kontant
betaling. Tegningen
skal ske uden
fortegningsret for
Selskabets
eksisterende
aktionærer. Tegnings
- og
konverteringsprisen
fastsættes af
bestyrelsen som
markedsprisen på
tidspunktet for
konvertering eller
som en pris svarende
til eller over
markedsprisen på
tidspunktet for
beslutningen om at
udstede de
konvertible
gældsbreve.
Bestyrelsen
fastlægger de
nærmere vilkår og
betingelser for de
konvertible
gældsbreve.
Bestyrelsen er
bemyndiget til at
vedtage
kapitalforhøjelserne
forbundet med
konvertible
gældsbreve udstedt i
henhold til dette
pkt. 4.3.
4.4 Bestyrelsen er i   In the period until 31 December 2020, the Board
perioden indtil den of Directors is authorised to increase the
31. december 2020 Company's share capital in one or more issues of
bemyndiget til med new shares with pre-emption rights for the
fortegningsret for Company's existing shareholders by up to
Selskabets nominally DKK 1,943,537.60. The capital increase
eksisterende may take place at a rate discounted to the
aktionærer at market price and shall take place by way of cash
forhøje Selskabets contribution or conversion of debt.
aktiekapital ad én
eller flere gange
med i alt op til
nominelt DKK
1.943.537,60.
Kapitalforhøjelsen
kan ske til
favørkurs og skal
ske ved kontant
betaling eller
konvertering af
gæld.
4.7 De   The capital increases the board of directors is
kapitalforhøjelser, authorised to perform in accordance with article
som bestyrelsen er 4.1 - 4.6 cannot exceed nominally DKK
bemyndiget til at 1,943,537.60 in total, whereof the capital
foretage i henhold increases that the board of directors is
til pkt. 4.1 - 4.6, authorised to perform in accordance with article
kan ikke samlet 4.5 - 4.6 cannot exceed nominally DKK 728,826.60
overstige nominelt in total.
DKK 1.943.537,60, og
herunder kan de
kapitalforhøjelser,
som bestyrelsen er
bemyndiget til at
foretage i henhold
til pkt. 4.5 - 4.6,
ikke samlet
overstige nominelt
DKK 728.826,60. 

 Adoption of the proposal in item 1.e will result in a new article 3.5-3.7 with the following wording:

3 Warrants og   Warrants and convertible loan notes
konvertible
gældsbreve
3.5 Generalforsamlingen   On 17 February 2020, the general meeting resolved
har den 17. februar to authorise the Board of Directors during the
2020 besluttet at period until and including 31 December 2020 to
bemyndige issue up to 18,220,665 warrants in one or more
bestyrelsen til i tranches each granting the right to subscribe for
perioden frem til one share of nominally DKK 0.04 and resolved to
og med den 31. authorise the board of directors to resolve on
december 2020 at the related increase of the Company's share
udstede op til capital of up to nominally DKK 728,826.60 with
18.220.665 pre-emptive rights for existing shareholders.
tegningsoptioner
(warrants) ad en
eller flere gange,
der hver giver ret
til tegning af én
aktie à nominelt
DKK 0,04, samt
vedtaget at
bemyndige
bestyrelsen til at
beslutte den
dertilhørende
forhøjelse af
Selskabets
aktiekapital på op
til nominelt DKK
728.826,60 med
fortegningsret for
eksisterende
aktionærer.
3.6 De nærmere vilkår   The specific terms governing the sub scription
for tegning og and exercise of warrants and the related increase
udnyttelse af of the share capital pursuant to article 3.5 will
tegningsoptioner be set out in an appendix to these articles of
(warrants) samt den association upon the board of directors exercise
tilhørende of the authorization.
kapitalforhøjelse i
medfør af
vedtægternes pkt.
3.5 vedlægges disse
vedtægter som bilag
ved bestyrelsens
udnyttelse af
bemyndigelsen til
at udstede
warrants.
3.7 Aktier tegnet på   Shares subscribed for on the basis of warrants
baggrund af issued in accordance with articles 3.5 of the
warrants udstedt i articles of association are freely transferable.
medfør af The shares are negotiable instruments and shall
vedtægternes pkt. be issued in the name of the holder and
3.5 er frit registered in the Company's shareholders'
omsættelige. register. Partial payment is not allowed.
Aktierne er
omsætningspapirer
og skal lyde på
navn og optages i
Selskabets ejerbog.
Der kan ikke ske
delvis indbetaling.
3.8 Bestyrelsen er   The board of directors is authorised to amend the
bemyndiget til at articles of association as required following
foretage de issuance/exercise of warrants issued pursuant to
nødvendige the authorization in article 3.5.
ændringer til
vedtægterne ved
tildeling/udnyttelse
af warrants udstedt
i henhold til
bemyndigelsen i
pkt. 3.5.

---

The resolutions from the extraordinary general meeting were adopted unanimously.

Copenhagen, February 17[th], 2020

Nustay A/S

The board of directors

For further information about Nustay, please contact:

Nustay A/S

E-mail: investor@nustay.com

Website: https://investor.nustay.com

About Nustay

Nustay is a Danish online hotel booking company established in 2014. The company has developed an innovative booking platform offering the lowest possible hotel prices while also enhancing the customer's booking experience. Nustay has set out an ambitious vision to become the global leader within the online hotel booking industry and is confident its large hotel room inventory, novel pricing strategy, and transparent booking process, will achieve that goal.