Ensurge Micropower Asa Stock Price, News & Analysis

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.

Ensurge Micropower ASA announced the cancellation of its Subsequent Offering due to declining share prices, which fell below the subscription price of NOK 2.00. Following a successful private placement on 8 November 2022 that raised around NOK 55 million, the share price has been trading around or below this threshold. The board decided this move was necessary as eligible shareholders could purchase shares at similar or lower prices in the market, thereby mitigating dilution concerns. The company remains focused on its core mission of developing innovative solid-state lithium microbatteries.

Ensurge Micropower ASA held an Extraordinary General Meeting where shareholders approved all proposed resolutions, including a share capital increase related to Tranche 2 of a previously announced private placement on November 8, 2022. This decision supports the company's ongoing initiatives to innovate and expand its market presence in the solid-state lithium microbattery sector, catering to wearable devices and IoT solutions. The minutes from the meeting are available for review.

On November 8, 2022, Ensurge Micropower ASA announced a successful private share placement, allocating a total of 27,500,000 new shares across two tranches, generating gross proceeds of approximately NOK 55 million. The registered share capital now stands at NOK 232,634,834.19, divided into 234,984,681 shares. The company specializes in ultrathin, flexible solid-state lithium microbatteries targeting wearables and IoT applications, manufactured using advanced roll-to-roll methods in Silicon Valley.