Ensurge Micropower Asa Stock Price, News & Analysis

Ensurge Micropower has announced securing NOK 57 million in funding, with NOK 48.5 million coming from commitments for convertible loans and NOK 8.5 million from a private placement of new shares. The Board approved both financing options, with the convertible loans subject to shareholder approval. The loans, repayable after one year, can be converted into shares at NOK 3.00 each, carrying a 5% annual interest rate. The private placement will issue 2,816,666 shares at the same price, increasing the company's share capital significantly.

Ensurge Micropower ASA plans to issue convertible loans of up to NOK 60 million, aided by strong pre-commitments from existing shareholders. The loans will offer a 5% annual interest rate and can be converted into shares at a price of NOK 3.00, reflecting the market's recent closing price. Approval from the general meeting is required for the conversion rights. Proceeds from the financing will support corporate initiatives, with an emphasis on compliance with the Norwegian Public Limited Companies Act's equal treatment obligations.

Ensurge Micropower has made significant advancements in delivering battery samples to customers, meeting key cycling requirements for its solid-state lithium micro batteries. The company confirms the manufacturing of samples is expected in early August 2022. Existing customers are actively engaged, with new interest from at least 11 additional clients. Ensurge anticipates its first customer revenue in Q4 2022. The company is also pursuing strategic partnerships and working with investment banks for future financial structures, aiming to leverage its innovative technology across the market.

On June 20, 2022, Ensurge Micropower ASA announced the registration of a share capital increase following the exercise of subscription rights by a former board member. The new share capital now stands at NOK 211,178,713.68, divided into 213,311,832 shares with a par value of NOK 0.99 each. This share capital increase reflects the company's ongoing equity management efforts and may influence shareholder value and stock performance.

Ensurge Micropower ASA announced the issuance of 621,324 shares with an exercise price of NOK 1.35 following the exercise of incentive subscription rights by a former board member. This action will increase the company's share capital to NOK 211,178,713.68, divided into 213,311,832 shares, each with a par value of NOK 0.99. The resolution was made in accordance with a prior Extraordinary General Meeting held on 19 August 2020. Ensurge specializes in solid-state lithium microbatteries for wearable technology and IoT applications.

On 25 May 2022, Ensurge Micropower ASA granted incentive subscription rights to new board members following an Annual General Meeting. Board members Victoire de Margerie and Mark C. Newman each acquired 1,000,000 subscription rights for no consideration, with an exercise price of NOK 2.5. These initial notifications indicate a potential increase in board member incentives, which could positively impact company governance. The transactions occurred outside a trading venue, and the Company's LEI is 5493007QXMCG0WPKFC96.

On May 25, 2022, Ensurge Micropower ASA convened its Annual General Meeting, which approved the issuance of 2,000,000 incentive subscription rights to the two new board members, 1,000,000 each. The exercise price is set at NOK 2.5 per share, with rights vesting over two years in quarterly increments of 12.5%, starting three months post-grant. This strategic move aims to align board member incentives with shareholder interests.

The Annual General Meeting of Ensurge Micropower ASA took place on May 25, 2022. Shareholders approved all proposals outlined in the meeting notice. This approval indicates strong shareholder support for the company's strategic direction.

For further inquiries, contact Ståle Bjørnstad, Investor Relations, at stale.bjornstad@ensurge.com, or Kevin Barber, CEO, at kevin.barber@ensurge.com.

Ensurge Micropower ASA (OTCIQ: ENMPY) has released its Q1 2022 report, highlighting several key advancements. The company achieved improved unit cell cycling performance and validated packaging materials for hermetic sealing. It reported successful handling of ultra-thin substrates and filed multiple patents. Existing customers are actively integrating the Ensurge microbattery into their products, with significant interest from new clients. The demand is driven by form factor flexibility, energy density, and fast charging capabilities. Ensurge plans to provide microbattery samples to customers shortly.