Reference  is made to the  stock exchange announcement made  by Zelluna ASA (the
"Company")  on 3 November 2025 regarding the  allocation of 5,500,000 new shares
in  the Company in a  private placement (the "Private  Placement"), divided on a
first  tranche of  3,729,774 new shares  and a  second tranche  of 1,770,226 new
shares  ("Tranche  2"), and  the  allocation  of  315,639 new shares in a retail
offering via the PrimaryBid Platform.

Radforsk   Investeringsstiftelse  ("Radforsk")  holds  2,469,693 shares  in  the
Company,  currently representing 10.08% of the total  number of shares and votes
in the Company.

The  issuance of the 1,770,226 new shares  in Tranche 2 of the Private Placement
was  approved by the  extraordinary general meeting  of the Company  held on 25
November  2025. Following registration of the  share capital increase pertaining
to  the issuance of the  new shares in Tranche  2 with the Norwegian Register of
Business  Enterprises, the  shareholding of  Radforsk will,  as a  result of the
dilutive  effect of such  share capital increase,  cross below the 10% threshold
pursuant   to   section   4-2 of  the  Norwegian  Securities  Trading  Act.  The
shareholding  of Radforsk  will at  such time  continue to  be 2,469,693 shares,
which after registration of the share capital increase will be equal to 9.40% of
the shares and votes in the Company.

This  disclosure is  made pursuant  to Section  4-2 of the  Norwegian Securities
Trading Act.