FREYR Battery announces pricing of upsized $230,000,000 public offering of ordinary shares

FREYR Battery, a developer of clean, next-generation battery cell production capacity, has announced the pricing of its upsized underwritten public offering of 20,000,000 of its Ordinary Shares, without nominal value. Each Ordinary Share is being offered at a public offering price of $11.50 per share, less underwriting discounts and commissions. The gross proceeds to FREYR from the offering, before deducting the underwriting discounts and commissions and offering expenses payable by FREYR, are expected to be $230,000,000. FREYR has granted the underwriters a 30-day option to purchase up to 3,000,000 additional Ordinary Shares at the price to the public, less underwriting discounts and commissions.

FREYR intends to use the net proceeds from this offering for (i) the continued construction of Giga Arctic facilities, development expenditures for Giga America and (iii) general corporate purposes. General corporate purposes may include the financing of FREYR’s operations or investments.

Credit Suisse, BofA Securities and Morgan Stanley are acting as book-running managers for the offering. The offering is expected to close on December 5, 2022, subject to customary closing conditions.

The offering is being made only by means of a previously filed effective registration statement (including a base prospectus) and a preliminary prospectus supplement. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the proposed offering, when available, may be obtained from Credit Suisse Securities (USA) LLC.

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