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2020-08-19

Thin Film Electronics ASA - Extraordinary General Meeting Held

Oslo, 19 August 2020

An Extraordinary General Meeting was held in Thin Electronics ASA (the "Company") today, 19 August 2020. All the proposals in the Notice of the Extraordinary General Meeting were approved by the shareholders (with certain technical non-material clarifications in the text), including, but not limited to, (i) a private placement of 333,866,666 new shares at a subscription price per share of NOK 0.15, which share issue, when completed, will mean that the share capital in the Company will be NOK 75,815,156.34 divided into 689,228,694 shares, each share having a par value of NOK 0.11; (ii) a subsequent repair offering raising up to approximately NOK 10 million on similar terms as the private placement, whereby the subscription period will commence on 1 September 2020 and expire at 16.30 CET on 15 September 2020 (such dates subject to approval and publication of a prospectus prior to the commencement of the subscription period and the dates of the subscription period will be postponed if a prospectus has not been approved and published by the end of business on 31 August 2020); and (iii) the issuance of one warrant for each share subscribed for and allocated in the private placement and the subsequent repair offering on the terms set out in the Notice of the Extraordinary General Meeting.

Further, in accordance with the proposal from the Nomination Committee, as announced on the Oslo Børs today, 19 August 2020, the Extraordinary General Meeting approved the grant of an aggregate 13,800,000 incentive subscription rights to the members of the Board of Directors, out of which 4,600,000 subscription rights were granted to each of Morten Opstad (Chair) and Jon S. Castor, and 2,300,000 subscription rights were granted to each of Kelly S. Doss and Preeti Mardia. The vesting schedule for the subscription rights is as follows: 50% of the subscription rights will become vested and exercisable on the earliest of the date immediately preceding the 2021 Annual General Meeting and 30 June 2021, and the remaining 50% of the subscription rights will become vested and exercisable on the earliest of the date immediately preceding the 2022 Annual General Meeting and 30 June 2022. The exercise price payable to the Company upon exercise of the subscription rights shall be NOK 0.15 per share, however, subject to the Board’s discretion, the exercise price may be set higher than NOK 0.15 to avoid any issues with taxation in the jurisdiction of the particular director.

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Thinfilm is Energizing Innovation(TM) with ultrathin, flexible, and safe energy storage solutions for wearable devices, connected sensors, and beyond. Thinfilm's innovative solid-state lithium battery (SSLB) technology is uniquely positioned to enable the production of powerful, lightweight, and cost-effective rechargeable batteries for diverse applications. The company's state-of-the-art flexible electronics manufacturing facility, located in the heart of Silicon Valley, combines patented process technology and materials innovation with the scale of roll-to-roll production methods to bring the advantages of SSLB technology to established and expanding markets.

Thin Film Electronics ASA is a publicly listed company in Norway with corporate headquarters in Oslo and global headquarters in San Jose, California.

Contact:
Kevin Barber - Chief Executive Officer
Email: kevin.barber@thinfilmsystems.com

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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