10.11.2022 17:56:45 CET | North Energy ASA | Non-regulatory press releases

Reference is made to the stock exchange release from Nordic Nanovector ASA
("Nordic Nanovector") stating their intent to merge with APIM Therapeutics AS
("APIM"). North Energy ASA ("North Energy") is the second largest shareholder in
Nordic Nanovector currently holding approximately 7.5% of the shares
outstanding. 

Our view is that the proposal to merge with APIM is both poorly conceived and
not in the best interest of shareholders of Nordic Nanovector. The transaction
is highly dilutive at the proposed merger ratio, as the valuation methodologies
used seem to have obvious shortcomings, and are certainly not based on an
'apples for apples' fair value comparison to determine the right merger ratio.

We are also questioning whether shareholders are best served by continuing a
strategy exclusively focused on early-stage oncology R&D - a strategy which
historically has been extremely detrimental to shareholder values. The
combination of these factors leads us to our conclusion that the merger proposal
lacks the necessary financial and strategic rationale for shareholders in Nordic
Nanovector.

CONTACTS

 * Rachid Bendriss, co-CEO, (+47) 926 60 603, rb@northenergy.no

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