Ensurge Micropower Asa - ENMPY STOCK NEWS

Ensurge Micropower ASA (OTCIQ: ENMPY) released its 4Q 2022 interim report, announcing key updates. Mark Newman has replaced Kevin Barber as interim CEO, presenting a management plan aimed at commercialization. The company secured its first production order for 150,000 microbatteries from a digital health innovator. An evaluation from a consumer electronics partner confirmed Ensurge’s energy density metrics. The production line is now adjusted to meet customer specifications. There is heightened interest with 10 new qualified customers added, and a new management focus on converting this pipeline into revenue, alongside a 30% reduction target for cash burn.

Ensurge Micropower ASA has updated its financial calendar for 2023 and 2022. The company announced that its Q4 2022 Quarterly Report will now be published on February 27, 2023, changing from the previously communicated date of February 23, 2023. This update ensures that stakeholders receive timely financial information.

The announcement aligns with the regulatory requirements outlined in the Euronext Oslo Børs Rule Book II, confirming the company’s commitment to transparency in its financial reporting.

An Extraordinary General Meeting for Ensurge Micropower ASA is scheduled for 14 March 2023 at 9:00 CET as an electronic event. The notice includes attendance forms and online participation guidelines available in both English and Norwegian. Ensurge Micropower specializes in ultrathin, flexible, and safe energy storage solutions, particularly solid-state lithium batteries for wearables and sensors. The company operates a state-of-the-art manufacturing facility in Silicon Valley, leveraging innovative technologies and roll-to-roll production methods to support various market needs. For inquiries, investors can contact Ståle Bjørnstad via email or phone.

Ensurge Micropower ASA announced the successful completion of a private placement, raising approximately NOK 50 million at NOK 0.10 per share. The funds will support the company's operations and development. This placement is contingent upon approval from an Extraordinary General Meeting (EGM) set for around 9 March 2023, where a share capital reduction will be discussed to align the par value with the subscription price. The Offer Shares will be tradable on Oslo Børs post-approval of a listing prospectus by the Financial Supervisory Authority of Norway (FSA). The company has secured interim financing to bridge to the EGM.

On February 9, 2023, Ensurge Micropower ASA announced plans for a private placement of shares aiming to raise between NOK 40 to 60 million. The share subscription price will be determined through an accelerated book building process, pending approval at an Extraordinary General Meeting (EGM) around March 8, 2023. Notably, the subscription price may be set below the current par value of NOK 0.99, necessitating a proposed reduction of the par value to facilitate the placement. The company intends to utilize the funds for general corporate purposes as outlined in previous updates. Shareholders can express interest in participating until February 14, 2023.

Ensurge Micropower ASA announced significant organizational changes, with Mark Newman set to replace Kevin Barber as Interim CEO starting February 8, 2023. Mark brings extensive experience in batteries and electric vehicles, having served on the Board since May 2022. The company reported a production order for 150,000 units of its solid-state lithium micro-batteries and is in discussions with potential strategic partners. Ensurge plans to reduce costs and raise funds through its US subsidiary to enhance its operations and market presence. The appointment of an interim CEO is temporary; a permanent CEO search is underway.

Ensurge Micropower ASA is entering the commercialization phase of its solid-state micro-battery technology, targeting a market of 1 billion rechargeable micro batteries. The company has appointed Canaccord Genuity LLC as a financial advisor to explore financing structures and strategic partnerships for rapid growth. Ensurge's innovative technology offers lightweight, cost-effective solutions for applications in wearable devices and connected sensors. However, the company cautioned that no assurance exists for timely transactions or attractive terms.

Ensurge Micropower ASA has announced the approval of a listing prospectus by the Financial Supervisory Authority of Norway for the listing of 9,243,817 new shares on Oslo Børs, effective 22 December 2022. These shares are part of a previous share placement, categorized into Tranche 1 and Tranche 2. Additionally, the prospectus includes provisions for up to 15,596,666 shares that may be issued from convertible loans. The company specializes in ultrathin, flexible solid-state lithium microbatteries for various devices, enhancing energy efficiency in constrained applications.

Ensurge Micropower (OTCIQ: ENMPY) has received a production order for 150,000 units of its innovative solid-state lithium microbattery, a significant step in its collaboration with a leading digital health market customer. This milestone follows successful sampling of its microbattery to various manufacturers. Expected to enter volume production in the first half of 2023, the battery boasts features like fast charging, flexible form factors, and twice the energy density of traditional Li-ion batteries, catering specifically to the unique power needs in digital health and remote monitoring applications.