Ensurge Micropower ASA - Cancellation of Anti-Dilutive Subscription Rights to Employees and Directors

Rhea-AI Summary

On 28 October 2021, Ensurge Micropower announced the cancellation of 4,283,638 incentive subscription rights originally granted to employees and board members. This follows the exercise expiry of Warrants B and C, resulting in a forfeiture of 3,426,910 rights held by employees and 856,728 by board members. Post-cancellation, a total of 193,865,731 subscription rights remain outstanding. The issuance of these rights was previously approved at the Annual General Meeting on 3 June 2021, reflecting a significant adjustment in Ensurge’s employee equity incentives.

Positive

• Total subscription rights outstanding now stand at 193,865,731, indicating successful management of incentive rights.

Negative

• Cancellation of 4,283,638 incentive rights could indicate lower employee engagement or satisfaction.

Oslo, 28 October 2021

Reference is made to the announcement by Ensurge Micropower ASA ("Ensurge" or the "Company") on 12 May 2021 regarding the issuance of a total of 54,334,574 incentive subscription rights to employees in the Ensurge group and 13,583,644 incentive subscription rights to members of the board of directors (the "Anti-dilutive Grants"). Further reference is made to the announcement by the Company on 3 June 2021 regarding the approval of such issuance by the shareholders on the Annual General Meeting held on 3 June 2021 (the "AGM").

As announced by the Company on 12 May 2021, the Anti-dilutive Grants were calculated assuming 100% exercise of Warrants B and C, which expired on 20 August 2021 and 30 June 2021, respectively. To the extent Warrants B and C were not exercised within their respective expiration dates, a proportionate number of the Anti-dilutive Grants were to be cancelled and forfeited in accordance with the terms and conditions set out in Section 9 of the Notice of the AGM.

In accordance with such terms and conditions, a total of 3,426,910 incentive subscription rights held by employees in the Ensurge group and 856,728 incentive subscription rights held by members of the board of directors are cancelled and forfeited.

Following such cancellation and forfeiture there are a total of 193,865,731 subscription rights issued and outstanding in Ensurge.

Contact

Ståle Bjørnstad - Investor Relations
E-mail: stale.bjornstad@ensurge.com
Phone: +47 99 16 76 72

Kevin Barber - Chief Executive Officer
E-mail: kevin.barber@ensurge.com

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

FAQ

What was announced by Ensurge on 28 October 2021?

Ensurge announced the cancellation of 4,283,638 incentive subscription rights due to the expiration of Warrants B and C.

How many incentive subscription rights were issued to Ensurge employees and board members?

A total of 54,334,574 incentive subscription rights were granted to employees and 13,583,644 to board members.

What are the current outstanding subscription rights for Ensurge?

After cancellations, there are 193,865,731 subscription rights outstanding for Ensurge.

What impact did the expiration of Warrants B and C have on Ensurge?

The expiration led to the cancellation and forfeiture of a total of 4,283,638 incentive subscription rights.

When was the issuance of the subscription rights approved?

The issuance was approved at the Annual General Meeting held on 3 June 2021.