Technical adjustment to enable participation in the July Multi-Project-Wafer ("MPW")

Reference is being made to the stock exchange notice on the 14th of June 2022. In the afternoon the 15th of June 2022, Lokotech AS was presented with an alternative solution from its Application Specific Integrated Circuit ("ASIC") designers regarding an opportunity to partake in the MPW in July by making some technical adjustments to the design. The proposal is to separate the analogue part of the design, which the subcontractor in question has delays with, from the rest of the logic. This results in a capability of verifying the functionality of the prototype ASIC, while minimizing the risk associated with the analogue circuit. Both aspects of the design will be physically tested in the prototype setup, although separately. Necessary adjustments can be made before eventual mass production. The administration worked out this afternoon to verify the proposal, which was discussed at a board meeting of Harmonychain AS at 18.00 CET today. Based on the board's acceptance of the administration's proposal, we gave the ASIC designers the green light to follow the alternative solution after the board meeting with the goal of participating in the July MPW. The deadline for registering with MPW in July without cancellation fee is passed the night of 16.06.2022. If the alternative solution is not completed in time before the deadline for participation in MPW on 13 July 2022, participation will be postponed from July to November and a cancellation fee of ~ US $ 80,000 will be charged. We expect to be able to update the market on or around this date about the progress. This information is subject of the disclosure requirements acc. To section 5-12 of the Securities Trading Act. This information constitutes inside information and is subject of the obligation to provide information in according to the Market Abuse Regulation (MAR). The message is published on behalf of Harmonychain AS by Ola Stene-Johansen, CEO, at 20.46, 15th of June 2022.

https://newsweb.oslobors.no/message/565037