Airthings stock update

(Oslo, 29.04.2025) Airthings ASA has agreed a non-binding Letter of Intent (LOI) to explore a potential sale of its business segment assets to Firda AS. Airthings has at the same time engaged a financial adviser to seek out alternative buyers for the business segment assets, as well as to explore strategic options for the company, including its consumer, business and pro segment activities.

Firda is an investment firm controlled by Geir Førre, chair of the Airthings board of directors (the Board), and owns 28.9 percent of Airthings. The agreed LOI is non-binding.

The Board and management of Airthings are confident that there is substantial potential for value creation for Airthings in all market segments. By divesting its business segment assets, Airthings would secure additional capital to focus on the continued development of the consumer business, the company’s largest activity. Should the sale of the business segment materialize, the Board will also continue to consider alternatives for the remaining company assets.

Consumer awareness of indoor health quality products has increased significantly during the past few years, particularly in North America, leading to increasing demand for Airthings’ products. However, during the last months, there has been growing uncertainty of consumer spending in the United States, further reinforced by the recently announced US tariffs, making it prudent to secure additional capital to ensure a robust foundation for Airthings’ activities going forward.

Despite the current uncertainty, Airthings’ long-term growth trajectory remains intact, with strong trends for radon and dangerous pollutants stemming from increased frequency of wildfires, among other things.

Go-shop period and strategic review

Airthings and Firda have agreed to a go-shop period during which Airthings will explore alternative transactions for the business segment or the entire company. Should this process result in an alternative agreement deemed superior to the transaction stipulated in the LOI by all stakeholders, also considering such factors as timing and deal certainty, Firda has indicated that it would support the pursuit of such a deal.

Airthings has granted Firda access to conduct a customary limited due diligence of the business segment assets. The process is expected to be completed during May 2025. Given the related party nature of the transaction proposed under the LOI, the considerations and decisions related thereto has and will continue to be taken by the disinterested directors of Airthings. Should the parties agree on a definitive agreement for the transaction, Airthings will call an EGM to ultimately decide whether to consummate the divestment.

Airthings has retained DNB Markets, a part of DNB Bank ASA, as its financial advisor and Schjødt as its legal advisor.

Change to financial calendar Due to the ongoing processes, Airthings’ Board has decided to reschedule the release of the Q1 2025 report from 6 May to 28 May 2025.