Comment of the NAXS Board to the notice of QVT for an extraordinary general meeting

The Board refers to the press release NAXS AB (publ) (”NAXS”) issued on 17 May 2021.

Pursuant to the request of QVT Financial LP (“QVT”) and in accordance with the
provisions of the Swedish Companies Act (Sw. aktiebolagslagen), the NAXS
Board has issued a notice calling an extraordinary general meeting of NAXS’s
shareholders. The meeting will consider QVT’s proposal that NAXS’s shareholders
replace the Board in its entirety with five new directors because, as explained by
QVT to the Board, “[NAXS] is entering a new phase and requires new
leadership.” This proposal has been made directly to NAXS’s shareholders rather
than through NAXS’s Nomination Committee.

The Board, acting for the benefit of all shareholders, has informed QVT, in
response to its request that the Board voluntarily step down, that it believes it is
inappropriate to do so in favor of handing the company over to its majority
shareholder. The Board further informed QVT that, instead of removing the board
QVT had constituted approximately eight years ago, it would be preferable for
QVT to make a public offer at net asset value for NAXS’s shares held by minority
shareholders. This would give minority shareholder the choice of continuing in a
QVT controlled vehicle or cashing out at a fair price. The Board continues to
maintain that view.

The notice for the meeting, including QVT’s complete proposals for the
extraordinary general meeting, has been made public by way of press release
and is available on the company’s website.

Contact information:
John Chapman, Chairman of the Board
Telephone: +1 (212) 945-9159

This information is information that NAXS AB (publ) is obliged to make public pursuant to the EU
Market Abuse Regulation. The information was submitted for publication, through the agency of the
contact person set out above, at 16:00 CEST on May 21, 2021.