Hyon AS (HYON) ("Company") announced that its Board of Directors (the "Board") has resolved to broaden its previously announced strategic review process to include options for closing down operations. Reference is made to the Company's announcement on 5 July 2023, where it was announced that the Board had initiated a strategic review process to investigate opportunities with the aim to secure shareholder value and to secure funding to pursue the Company's development plans. The ongoing strategic review process has to date not resulted in available alternatives that can extend the cash runway within an appropriate timeframe.

The Company remains in a position where it has available cash to cover its operations to year-end 2023, however the Board may have to take action to reduce cost prior to year-end to maintain this position. Should the Company's lack of funding extend further in time, the Company will move towards a situation where it will not be able to finance current operations. On this basis, the Board has resolved to assess all cost reduction measures, which may include reduction of personnel.

Further, should the strategic review not result in any viable option for continued operations, the Board will also consider closing down operations and winding up of the Company. In addition to the broadened scope of the review, the Company continues to explore strategic alternatives, including financing, structural alternatives, government supported R&D programs and other relevant market opportunities. No assurances can be given as to the outcome or timing of the review process.