Reference is made to the stock exchange announcement by Flyr AS (the "Company") on 3 November 2022 regarding the contemplated private placement of 43 000 000 000 new shares with a subscription price of NOK 0.01 to raise gross proceeds of NOK 430 million (the "Private Placement").

The purpose of the Private Placement is to re-establish the Company's financial position to bring the Company through the coming winter season and to be positioned to ramp-up for the coming spring and summer based on the Company's business plan and market assumptions.

The subscription period in the Private Placement ended today at 16:30 CET. The Private Placement has not been fully subscribed, but the Company has received a proposal for an alternative transaction structure from a combination of existing and new professional investors. The board of directors of the Company will now consider the alternative transaction structure, and plan to revert with an updated announcement before the market opens tomorrow morning. Flyr’s flights will continue to operate as normal.