Aker Horizons ASA Undergoes Significant Merger with Aker ASA

• Aker Horizons ASA is merging with Aker ASA, involving a distribution of shares in Aker Horizons Holding AS as a dividend in-kind to Aker Horizons' shareholders.
• Shareholders will receive NOK 0.26 in cash and 0.0018 shares in Aker ASA for each share they own, with the merger expected to be completed by September 12, 2025.
• Post-merger, Aker Horizons will continue its listing on the Oslo Stock Exchange, with a cash position of approximately NOK 20 million and NOK 1.6 billion in convertible debt.

Aker Horizons ASA, listed on the Oslo Stock Exchange, is undergoing a significant merger with Aker ASA. This merger involves Aker Horizons' subsidiary, Aker Horizons Holding AS, and AKH HoldCo AS, a subsidiary of Aker ASA. The merger will result in a distribution of shares in Aker Horizons Holding AS as a dividend in-kind to Aker Horizons' shareholders, scheduled for September 4, 2025.

Shareholders of Aker Horizons will receive NOK 0.26 in cash and 0.0018 shares in Aker ASA for each share they own. Fractional shares will not be allotted, and any excess shares will be sold by DNB Bank ASA. The proceeds from these sales will be distributed proportionately among shareholders. The merger consideration shares and cash are expected to be delivered by September 12, 2025.

Post-merger, Aker Horizons will continue its listing on the Oslo Stock Exchange. The company will have a cash position of approximately NOK 20 million and NOK 1.6 billion in convertible debt. The board will define Aker Horizons' future strategy and structure following the merger's completion.

Meanwhile, Saba Capital Management, L.P., a 10 percent owner of ASA, has been actively acquiring shares. On August 29, 2025, they purchased 1,100 shares at $37.41 each, increasing their total to 4,102,007 shares. This follows a previous purchase on August 28, 2025, of 8,243 shares at $36.77 each, as reported on Form 4.

ASA's stock, listed on the NYSE, is currently priced at $38.82, reflecting a 0.73% increase. The stock has fluctuated between $38.72 and $39.04 during the day. Over the past year, ASA has seen a high of $39.20 and a low of $18.51, with a market capitalization of approximately $734.1 million and a trading volume of 109,338 shares.