Oslo, 24 May 2022: Reference is made to the announcement by Kalera AS ("Kalera"
or the "Company") (Euronext Growth Oslo: KAL, Bloomberg: KSLLF) published on 19
May 2022 regarding the exchange of preferred stock into 2,084,087 new shares in
the Company.

The share capital increase related to the 2,084,087 new shares has been
registered with the Norwegian Register of Business Enterprises (Nw.
Foretaksregisteret). Following such registration, the new share capital of the
Company is NOK 2,114,389.06 divided into 211,438,906 shares, each with a par
value of NOK 0.01. 

As a result of the share capital increase, and given the exchange ratio used in
the merger between the Company and Kalera S.A. (the "Merger"), the total amount
of shares in Kalera S.A. following the Merger is expected to be approximately
105,719,452 shares (which equals approximately half the amount of shares in the
Company as of today). 


About Kalera
Kalera is a vertical farming company headquartered in Orlando, Florida. Kalera
uses technology to ensure that more people around the world have access to the
freshest, most nutritious, and cleanest products available. It has spent several
years optimizing plant nutrient formulas and developing an advanced automation
and data acquisition system with Internet of Things, cloud, big data analytics
and artificial intelligence capabilities. Kalera currently operates farms in the
US (in Orlando, Florida