Reference is made to the NOTC announcements made by CrayoNano AS ("CrayoNano" or the "Company") on 12 September 2024 where the Company provided a company update on its liquidity situation, 19 September 2024 regarding the notice of an extraordinary general meeting to provide the Board with wide authorizations to pursue strategic alternatives, and the notice on 3 December 2024 regarding the initiation of subscription period for the convertible loan (the "Convertible Loan") to raise a minimum of NOK 15 million to facilitate strategic discussions, including the extension of the subscription period announced on 17 December 2024.

The subscription period for the Convertible Loan expired today at 17:00 hours (CET). Despite interest from several investors, the Company has not received subscriptions to cover the minimum amount of NOK 15 million, and the Company is thus not in a position to proceed with the Convertible Loan.

In the announcement from 3 December 2024 the Company communicated that it was dependent on raising a minimum of NOK 15 million to finance ongoing operations while the Company continued discussions with potential industrial partners in order to execute the Company's business plan of realizing the commercial potential of its technology. As the Convertible Loan did not materialize, the Company has exhausted all options to secure short-term financing, and in the opinion of the Board there are no alternatives to secure short-term financing and facilitate ongoing discussions with the industrial partners.

The board of directors of the Company (the "Board") has thus decided today to file for bankruptcy at the Trondheim district court, and expect to file for bankruptcy within the end of this week. The Board's decision is unanimous and is due to the fact that there is no longer a realistic opportunity to achieve a solution for the short-term liquidity situation.

The Company's management and board of directors have worked intensively to raise the necessary liquidity to sustain operations and facilitate the long-term business plan. In cooperation with various reputable financial advisors the Company has explored a number of different alternatives over the last year. Despite these efforts, the Company has not been able to raise the necessary capital to sustain operations.

Since the Company will file for bankruptcy, the Company will request that the NOTC registration of the Company's ordinary shares is suspended.

Questions regarding the further bankruptcy proceedings should be addressed to the bankruptcy trustee when appointed by the Trondheim district court.

For further information, please contact:

Jo Uthus – Chairman, jo.uthus@crayonano.com 
Rune Rinnan - Vice-chair, rune.rinnan@ntechgroup.no