Ensurge Micropower ASA – Cancellation of Subsequent Offering

Reference is made to the stock exchange notice published by Ensurge Micropower ASA (the "Company") on 13 May 2024 regarding the completion of a private placement raising gross proceeds of approximately NOK 85 million (the "Private Placement") and a potential subsequent offering on the same terms and conditions as in the Private Placement directed towards eligible shareholders (the "Subsequent Offering").

The board of directors of the Company has decided not to proceed with the Subsequent Offering. 

The background for the cancellation is that the Company's shares have traded below the subscription price in the Private Placement for a substantial period and at sufficient volumes. Shareholders wishing to reduce the dilutive effect of the Private Placement have therefore had the opportunity to purchase shares in the market at prices below the price which would have been the subscription price in the Subsequent Offering.

Further to this, the Board withdraws the proposed resolution for a subsequent offering at the Extraordinary General Meeting scheduled for 1 July 2024 at 09.00 am CET and the notice of such general meeting is amended accordingly. The Extraordinary General Meeting will be held as scheduled to consider the other agenda items.

About Ensurge Micropower: 

Ensurge is Energizing Innovation (TM) with the first ultrathin, flexible, reliable, and fundamentally safe solid-state lithium microbattery for the 1 to 100 milliampere-hour (mAh) class of wearable devices, connected sensors, and beyond. The innovative Ensurge Microbattery enables energy-dense rechargeable products that are ideal for form-factor-constrained applications including hearables (hearing aids and wireless headphones), digital and health wearables, sports and fitness devices, and IoT sensor solutions that use energy harvesting to power everyday things. The company's state-of-the-art manufacturing facility, located in the heart of Silicon Valley, combines patented process technology and materials innovation with the scale of roll-to-roll production methods to bring the advantages of Ensurge technology to established and expanding markets. 

For more information, please contact: 

Lars Eikeland, Chief Executive Officer E-mail: [email protected] (mailto:[email protected]) 

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