NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN CANADA, JAPAN, AUSTRALIA OR THE UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. This announcement is not a prospectus and does not constitute a public offer of any of the securities described herein.

Reference is made to Techstep ASA's ("Techstep" or the "Company") stock exchange announcement on 20 May 2021 regarding the launch of a fully underwritten private placement of new shares (the "Private Placement" and as the case may be, the "Placement Shares").

The application period in the Private Placement ended on 20 May at 18:30 CEST, and the Private Placement was oversubscribed. Following the expiry of the application period, the Company is pleased to announce that it has raised approximately NOK 100 million through the Private Placement directed towards Norwegian and international investors. The Private Placement was successfully completed at an offer price of NOK 4.50 per share, which was determined through an accelerated bookbuilding process.

The delivery of the Placement Shares to the investors will be settled with existing and unencumbered shares in the Company that are already listed on Oslo Børs, pursuant to a share lending agreement with shareholder Datum AS, the managers in the Private Placement and the Company (the "Share Lending Agreement"). The shares delivered to the subscribers will thus be tradable upon allocation. Settlement will be made on or around 26 May 2021. The New Shares to be issued to settle the Share Lending Agreement will be issued on a separate, non-tradable ISIN, awaiting approval and publication of a listing prospectus.

Datum AS has been allocated 3,279,313 shares in the Private Placement. Datum AS is owned by the deputy board member Jan Haudemann-Andersen. Following completion of the Private Placement, Jan Haudemann-Andersen indirectly holds in aggregate 37,197,288 shares in Techstep, representing 18.1% of the shares and votes of the Company. The shares are held through Datum AS (35,597,288 shares) and Datum Vekst AS (1,600,000 shares).

Karbon Invest AS has been allocated 2,355,554 shares in the Private Placement. Following completion of the Private Placement, Karbon Invest AS holds 21,804,349 shares in Techstep, representing 10,6% of the shares and votes of the Company. Chairman Jens Rugseth is a majority shareholder in Karbon Invest AS.

Middelborg Invest AS has been allocated 2,960,243 shares in the Private Placement. Following completion of the Private Placement, Middelborg Invest AS holds 24,578,007 shares in Techstep, representing 11.9% of the shares and votes of the Company. In addition, Middelborg Invest AS holds 9,000,000 shares through a forward contract with settlement date 21 May 2021. The aggregate holding is thus 33,578,007 shares in Techstep, representing 16.3% of the shares and votes of the Company.

The net proceeds of the Private Placement will be used to finance the cash consideration for the contemplated acquisition of Famoc S.A and affiliates, and for general corporate purposes.

The Private Placement was carried out as a private placement in order to complete a transaction in an efficient manner and without the significant discount typically seen in rights issues, and for the purpose of securing the financing of the acquisition of Famoc S.A and affiliates. As the subscription price represents a limited discount compared to the trading price of the Company's shares on 20 May 2021, a substantial number of the Placement Shares were allocated to external investors, and based on an assessment of the current equity markets, the Company's Board of Directors has considered the Private Placement to be in the common interest of the Company and its shareholders. As a consequence of the private placement structure, the shareholders' preferential rights were deviated from and the Board of Directors has decided to not carry out a subsequent offering.

For further information, please contact:

Further information from:

Jens Haviken, CEO, Techstep ASA: +47 930 90 070

Marius Drefvelin, CFO, Techstep ASA: +47 958 95 690

Techstep is purpose- built to become a leading managed Mobility Services provider in the Nordics. Techstep combines device management, software, hardware and connectivity into a managed service. This enables enterprises and their employees to do their work across mobile devices and locations, with a high degree of security and operational stability. Techstep has 300 employees based in Norway, Sweden and Denmark, serving 500+ enterprise customers across various industries in the private and public sectors. The Company is listed on the Oslo Stock Exchange. For more information, please visit www.techstepasa.no.

IMPORTANT NOTICE:

This announcement is not a prospectus and does not form a part of any public offer to sell, or a solicitation of a public offer to purchase, any securities of the Company. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to "qualified institutional buyers" as defined in Rule 144A under the Securities Act.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression "Prospectus Regulation" means Regulation (EU) 2017/1129 as amended (together with any applicable implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believe that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict, and are beyond their control. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in public sector investment levels, changes in the general economic, political and market conditions in the markets in which the Company operates, the Company's ability to attract, retain and motivate qualified personnel, changes in the Company's ability to engage in commercially acceptable acquisitions and strategic investments, and changes in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not make any guarantee that the assumptions underlying the forward-looking statements in this announcement are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this announcement or any obligation to update or revise the statements in this announcement to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this announcement.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company..

In connection with the Offering, the Managers and any of their affiliates, acting as investors for their own accounts, may subscribe for or purchase shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such shares and other securities of the Company or related investments in connection with the Offering or otherwise. Accordingly, references in any subscription materials to the shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, such Manager and any of their affiliates acting as investors for their own accounts. The Managers do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act and the EU Market Abuse Regulation. This stock exchange release was published by Marius Drefvelin, CFO, on 20 May 2021 at 22:05.

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