Oslo, 17 July 2024

Reference is made to the stock exchange announcement by Observe Medical ASA
("Observe Medical" or the "Company", OSE ticker: OBSVR) on 24 June 2024
regarding the successfully placed private placement of 55,000,000 new shares in
the Company (the "Offer Shares") at a subscription price of NOK 0.40 per Offer
Share to raise gross proceeds of NOK 22 million (the "Private Placement").

As mentioned in the announcement, the completion of tranche 2 of the Private
Placement  ("Tranche 2") was inter alia subject to the extraordinary general
meeting of the Company (the "EGM") resolving to increase the Company's share
capital by issuing the Offer Shares in Tranche 2. Such share capital increase
was resolved by the EGM earlier today, as announced by the Company.

In connection with the completion of Tranche 2, certain primary insiders and
close associates have been allocated Offer Shares in the Private Placement.

Further, Ingerø Reiten Investment Company AS has lent to the settlement agent,
Carnegie AS, 11,237,962 shares in the Company to facilitate settlement of Offer
Shares in Tranche 2 of the Private Placement. Prior to such share lending and
the allocation of Offer Shares in Tranche 2, Ingerø Reiten Investment Company AS
held 37,384,437 shares in the Company (16.34% of the issued share capital and
votes following the issuance of the Offer Shares in tranche 1 of the Private
Placement). In addition, Ingerø Reiten Investment Company AS has been allocated
5,625,000 Offer Shares in Tranche 2, bringing its total number of shares in the
Company to 43,009,437 (17.51% of the issued share capital and votes following
the issuance of the Offer Shares in Tranche 2).

During the term of the lending of said shares, Ingerø Reiten Investment Company
AS' shareholding in the Company will be reduced to 26,146,475 shares (not
including the Offer Shares allocated in Tranche 2), representing approximately
11.46% of the shares and votes in the Company. Consequently, Ingerø Reiten
Investment Company AS' shareholding has fallen below the 15.00% threshold
pursuant to Section 4-2 (1) cf. (3) of the Norwegian Securities Trading Act.
Ingerø Reiten Investment Company AS is represented on the Company's board of
directors by Terje Bakken.

ELI AS was allocated 3,000,000 shares in Tranche 2 of the Private Placement, but
has transferred the right to 750,000 of such shares to a third party.
Consequently, ELI AS will acquire 2,250,000 shares in Tranche 2 of the Private
Placement. ELI AS is represented on the Company's board of directors by Eskild
Endrerud.

For more information about the allocation of Offer Shares to primary insiders
and close associates in Tranche 2 of the Private Placement, and the share
lending to facilitate the settlement of Offer Shares, see the attached forms.

This information is subject to disclosure requirements pursuant to Article 19 of
Regulation EU 596/2014 (the EU Market Abuse Regulation) and Sections 4-2 and 5
-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Jørgen Mann, Interim CEO Observe Medical

Mobile: +45 408 67 558

E-mail: jorgen.mann@observemedical.com

Johan Fagerli, CFO Observe Medical

Mobile: +47 958 12 765

E-mail: johan.fagerli@observemedical.com

About Observe Medical:

Observe Medical is a Nordic medtech company that develops, markets and sells
innovative medtech products for the global market. The Company is committed to
improving patient welfare and patient outcomes, improving clinical data accuracy
and promoting positive health economics.

The Company seeks to drive growth by leveraging its expertise in sales and
commercialisation of its broad portfolio of medical technology products, mainly
in urine measurement and ultrasound, in combination with targeted M&A and
distribution. Observe Medical is working with a network of leading distributors
to provide outstanding solutions for healthcare professionals globally.

The Company is headquartered in Oslo, Norway.

Further information is available at www.observemedical.com.