Circio Holding ASA – Commencement of the subscription period for the rights issue

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, THE UNITED KINGDOM, AUSTRALIA, CANADA, HONG KONG OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Oslo, 15 January 2026: Reference is made to the stock exchange announcements published by Circio Holding ASA (the “Company”) on 8 December 2025 regarding rights issue of up to NOK 50 million in the Company, of which NOK 44.2 million has been secured through pre-subscriptions for NOK 24.2 million and underwriting commitment of NOK 20 million (the "Rights Issue"), and on 12 January 2026 where the Company announced that the general meeting had approved the Rights Issue.

• The subscription period for the Rights Issue will commence today, 15 January 2026 at 09:00 hours (CET) and expire on 29 January 2026 at 16:30 hours (CET).
• The Subscription Rights (as defined below) will be tradable on Euronext Oslo Børs from 15 January 2026 at 09:00 hours (CET) until 23 January 2026 at 16:30 hours (CET).
• Vator Securities AB is acting as manager for the Rights Issue (the “Manager”).

In connection with the Rights Issue and listing of new shares and warrants, the Company prepared a prospectus consisting of a registration document supplement, a securities note and a summary dated 13 January 2026, which supplements and shall be read together with a registration document dated 1 October 2025 (jointly, the "Prospectus"). The Prospectus was approved by the Financial Supervisory Authority of Norway (Nw.: Finanstilsynet) and published by the Company on 13 January 2026 and includes terms and conditions of the Rights Issue. The Prospectus and the subscription form for the Rights Issue (attached to the securities note) are available on the Company's website:

• https://www.circio.com/en/rightsissue2026/.

Allocation of Subscription Rights:

The shareholders of the Company as of 12 January 2026 (and being registered as such in the Norwegian Central Securities Depository (the "VPS") as at the expiry of 14 January 2026, pursuant to the two days' settlement procedure of VPS (the "Record Date")) (the "Existing Shareholders"), have been granted subscription rights (the "Subscription Rights") in the Rights Issue that, subject to applicable law, provide preferential rights to subscribe for, and be allocated offer shares (the "Offer Shares") at a subscription price of NOK 1.00 for each Offer Share (the "Subscription Price").

Each Existing Shareholder has been granted 0.3481 Subscription Rights for each existing share registered as held by such Existing Shareholder as of the Record Date (i.e., 14 January 2026), rounded down to the nearest whole Subscription Right. Subscription Rights acquired during the trading period for the Subscription Rights as set out above carry the same right to subscription as the Subscription Rights held by Existing Shareholders. Each Subscription Right will, subject to applicable law, give the right to subscribe for, and be allocated, one Offer Share at the Subscription Price. Over-subscription and subscription without Subscription Rights are permitted.

Subscription period:

The subscription period commences on 09:00 hours (CET) on 15 January 2026 and expires on 16:30 hours (CET) on 29 January 2026.

Subscription Rights:

The Subscription Rights will be listed and tradable on the Oslo Stock Exchange from 09:00 hours (CET) on 15 January 2026 to 16:30 hours (CET) on 23 January 2026 under the ticker code “CRNAT”. The Subscription Rights will hence only be tradable during a part of the subscription period.

Subscription Rights that are not used to subscribe for Offer Shares before the expiry of the subscription period on 16:30 hours (CET) on 29 January 2026 or not sold before 16:30 (CET) on 23 January 2026 will have no value and will lapse without compensation to the holder.

The Subscription Rights are expected to have an economic value if the Company’s shares trade above the Subscription Price during the subscription period. Existing Shareholders who do not use their Subscription Rights will experience a dilution of their shareholding in the Company. If Offer Warrants are exercised, there will be additional dilution. See Section 5.20 “Dilution” in the Securities Note of the Prospectus for a further description of such dilutive effect.

Warrants:

Subscribers in the Rights Issue will, for every Offer Share allocated and paid, receive one warrant (Nw.: frittstående tegningsretter) (the "Offer Warrants") for no additional consideration.

Each Offer Warrant will give the holder a right to subscribe for one new share in the Company at an exercise price per share equal to 80 per cent of the volume-weighted average price of the Company's shares on the Oslo Stock Exchange between 8 May 2026 and 22 May 2026, but not less than the nominal value of Company’s shares at the time of the Exercise Period (as defined below).

The Offer Warrants may be exercised in the period from 08:00 hours (CEST) on 26 May 2026 to 16:30 hours (CEST) on 9 June 2026 (the "Exercise Period"). Any Offer Warrants not exercised by 16:30 hours (CEST) on 9 June 2026 will lapse without compensation.

The Company shall use reasonable efforts to seek to ensure that the Offer Warrants are admitted to trading on the Oslo Stock Exchange or Euronext Growth Oslo following completion of the Rights Issue, but there can be no assurance that such admittance to trading will be obtained.

The Offer Warrants are expected to have an economic value if the Company’s shares trade above the exercise price during the Exercise Period.

Subscription Price:

NOK 1.00 per Offer Share.

No payment shall be made for the Offer Warrants.

Subscription procedure:

Investors holding Subscription Rights who are Norwegian residents with a Norwegian personal identification number and who wish to subscribe for Offer Shares (incl. Offer Warrants) are encouraged to use the VPS online subscription system by following the below link, which will redirect the subscriber to the VPS online subscription system:

• https://investor.vps.no/sc/servlet/no.vps.sc.servlets.SCLogonServlet?ISIN=NO0013711515&TSted=07910&Sig=8b910fcb9e13f7130db0b0a029abdff5a848b38add46b9f81b250cf58256b589

In addition, the VPS online subscription system is only available for individual persons and is not available for legal entities. Therefore, legal entities must submit the Subscription Form included in Appendix A of the Securities Note "Subscription form for the Rights Issue" (The "Subscription Form") in order to subscribe for Offer Shares.

Subscriptions for Offer Shares (incl. Offer Warrants) by investors who are not Existing Shareholders must be made by usage of the Subscription Form.

Correctly completed Subscription Forms must be received by DNB Carnegie, a part of DNB Bank ASA, Registrars Department (the "Receiving Agent") at the following address or email address, or in the case of online subscriptions be registered, by 16:30 hours (CET) on 29 January 2026:

• DNB Carnegie, a part of DNB Bank ASA, Registrars Department
• Address: P.O. Box 1600 Sentrum, 0021 Oslo, Norway.
• Tel: [phone]
• E-mail: [e-mail]

The Offer Warrants will automatically be subscribed for through delivery of the Subscription Form for the Offer Shares correctly completed or through online subscriptions prior to the expiry of the Subscription Period.

Selling and Transfer Restrictions

The grant or purchase of Subscription Rights and the subscription of Offer Shares and Offer Warrants by persons resident in, or who are citizens of countries other than Norway or Sweden, may be affected by the laws of the relevant jurisdiction. For a further description of such restrictions, reference is made to the Section 11 “Selling and Transfer Restrictions” in the securities note dated 13 January 2026 (the “Securities Note”), forming a part of the Prospectus.

Conditions for completion of the Rights Issue:

The Rights Issue may be withdrawn or revoked, or the completion of the Rights Issue may be delayed, also after the commencement of the Subscription Period and trading in the Subscription Rights, if the aggregate minimum subscription amount for the Offer Shares is not received by the Company on time or at all.

If the Rights Issue is withdrawn or revoked, all Subscription Rights will lapse without value, any subscriptions for, and allocations of, Offer Shares that have been made will be disregarded and any payments for Offer Shares made will be returned to the subscribers without interest or any other compensation. The lapsing of Subscription Rights shall be without prejudice to the validity of any trades in Subscription Rights, and investors will not receive any refund or compensation in respect of Subscription Rights purchased in the market.

Pre-subscriptions and underwriting commitments

Certain existing and new shareholders have presubscribed for NOK 24.2 million (48.4%) of the Rights Issue, of which NOK 1.8 million from members of the Company's board of directors, management and employees (the "Pre-Subscribers").

Further, the Rights Issue includes an underwriting commitment by an underwriter (the "Underwriter") of NOK 20 million on top of the pre-subscriptions, ensuring minimum proceeds of NOK 44.2 million (88.4% of the maximum transaction size).

The Underwriter has undertaken to subscribe for all Offer Shares that are not otherwise subscribed for and allocated in the Rights Issue (the "Unsubscribed Shares") up to the gross proceeds of the Rights Issue covered by the Pre-Subscribers and the Underwriter, i.e., up to NOK 44.2 million (the "Secured Amount"). Any Unsubscribed Shares up to the Secured Amount shall be subscribed and be allocated to the Underwriter, provided however that that the Underwriter shall not subscribe for or be allocated Unsubscribed Shares for an amount higher than the underwritten amount of NOK 20 million. See Section 5.22 “The Pre-subscribers” and 5.23 "The Underwriter" in the Securities Note for a further description of the commitments.

Financial intermediaries:

If an Existing Shareholder holds shares registered through a financial intermediary on the Record Date, the financial intermediary will customarily give the Existing Shareholder details of the aggregate number of Subscription Rights to which it will be entitled. The relevant financial intermediary will customarily supply each Existing Shareholder with this information in accordance with its usual customer relations procedures. Existing Shareholders holding shares through a financial intermediary should contact the financial intermediary if they have received no information with respect to the Rights Issue.

Subject to applicable law, Existing Shareholders holding shares through a financial intermediary may instruct the financial intermediary to sell some or all of their Subscription Rights, or to purchase additional Subscription Rights on their behalf. See Section 11 "Selling and Transfer Restrictions" in the Securities Note for a description of certain restrictions and prohibitions applicable to the sale and purchase of Subscription Rights in certain jurisdictions outside Norway.

Existing Shareholders who hold their shares through a financial intermediary and who are ineligible shareholders (i.e., resident in jurisdictions where the Securities Note may not be distributed and/or with legislation that, according to the Company's assessment, prohibits or otherwise restricts subscription for Offer Shares and Existing Shareholders located in the United States who the Company does not reasonably believe to be a QIB) will not be entitled to exercise their Subscription Rights but may, subject to applicable law, instruct their financial intermediary to sell their Subscription Rights transferred to the financial intermediary. As described in Section 5.8 "Subscription Rights" of the Securities Note, neither the Company nor the Receiving Agent will sell any Subscription Rights transferred to financial intermediaries.

Listing and commencement of trading in the Offer Shares:

Subject to timely payment of the entire subscription amount in the Rights Issue, the Company expects that the share capital increase pertaining to the Rights Issue will be registered with the Norwegian Register of Business Enterprises on or about 9 February 2026 and that the Offer Shares and Offer Warrants will be delivered to the VPS accounts of the subscribers to whom they are allocated on or about the next trading day. The final deadline for registration of the share capital increase pertaining to the Rights Issue with the Norwegian Register of Business Enterprises, and hence for the subsequent delivery of the Offer Shares, is, pursuant to the Norwegian Public Limited Liability Companies Act, three months from the expiry of the Subscription Period (i.e. three months from 29 January 2026).

For further information, please contact:
Erik Digman Wiklund, CEO
Phone: [phone]
Email: [e-mail]

Lubor Gaal, CFO
Phone: [phone]
Email: [e-mail]

About Circio
Building circular RNA expression systems for enhanced gene and cell therapies

Circio Holding ASA is a biotechnology company developing novel circular RNA expression technology for gene and cell therapy.

Circio has established a unique circular RNA (circRNA) vector expression technology for next generation RNA, DNA and viral therapeutics. The proprietary circVec platform is based on a modular genetic construct designed for efficient biogenesis of multifunctional circRNA inside target cells. The circVec platform has applications in multiple therapeutic settings, including genetic medicine, cell therapy and chronic disease. It has demonstrated 75-fold increased RNA half-life and up to 40-fold enhanced protein expression vs. conventional mRNA-based viral and non-viral vector systems, with the potential to become a new gold-standard gene expression technology. The circVec R&D activities are being conducted by the wholly owned subsidiary Circio AB in Stockholm, Sweden.

In parallel, Circio is continuing to develop its legacy immuno-oncology program, TG01, through cost-efficient external academic and industry collaborations. TG01 targets RAS-mutated cancers and is being tested in two clinical trials in Norway and the USA. TG01 is a therapeutic peptide vaccine adjuvanted by STIMULON QS-21 licensed from Agenus Inc.

– IMPORTANT INFORMATION –
This announcement is not and does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities of the Company in the United States or any other jurisdiction. Copies of this document may not be sent to jurisdictions, or distributed in or sent from jurisdictions, in which this is barred or prohibited by law. The securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act").

The securities of the Company have not been, and will not be, registered under the U.S. Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to "qualified institutional buyers" as defined in Rule 144A under the U.S. Securities Act. No public offering of the securities will be made in the United States.

Any offering of the securities referred to in this announcement will be made by means of a prospectus (the "Prospectus") which will be prepared and which is subject to the approval by the Norwegian Financial Supervisory Authority. This announcement is an advertisement and is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on prospectuses to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (as amended) as implemented in any EEA Member State (the "Prospectus Regulation"). Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the Prospectus. Copies of the Prospectus will, following publication, be available from the Company's registered office and, subject to certain exceptions, on the websites of the Managers.

In any EEA Member State other than Norway, 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.

In the United Kingdom, this communication is only addressed to and is only directed at Qualified Investors who (i) are 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) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as "Relevant Persons"). These materials are directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this announcement relates is available only to 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.

This document is not for publication or distribution in, directly or indirectly, Australia, Canada, Japan, the United States or any other jurisdiction in which such release, publication or distribution would be unlawful, and it does not constitute an offer or invitation to subscribe for or purchase any securities in such countries or in any other jurisdiction. In particular, the document and the information contained herein should not be distributed or otherwise transmitted into the United States or to publications with a general circulation in the United States of America.

The Manager is acting for the Company in connection with the Rights Issue and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice in relation to the Rights Issue or any transaction or arrangement referred to in this announcement.

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 "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" 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 believes 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 its control. 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 information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice. This announcement is made by and is the responsibility of, the Company. Neither the Manager nor any of its affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.

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. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy, fairness or completeness. Neither the Manager nor any of its affiliates accepts any liability arising from the use of this announcement.