Ensurge Micropower ASA: Employee Share Purchase Plan Update
Ensurge Micropower ASA's Subscription Rights Exercise and ESPP
Ensurge Micropower ASA, recognized for its innovative technology in lithium microbatteries, has recently announced a significant development regarding its Subscription Rights Plan and Employee Share Purchase Plan (ESPP). Under the Company's 2022 Subscription Rights Plan, an employee has exercised 16,000 vested incentive subscription rights at an exercise price of NOK 0.950 per share.
Approval of Share Issuance
On a recent board meeting, the directors approved this exercise and sanctioned the issuance of 16,000 new shares in the company. This decision marks a proactive step in strengthening employee engagement through share ownership.
Employee Share Purchase Plan Details
In addition to the above, the board has resolved to issue 2,216,081 ordinary shares under the ESPP, at an attractive average subscription price of NOK 1.1334 per share. 15 participants, comprising employees and contractors, signed up to take part in the program during the offering period that concluded recently.
How the ESPP Works
The structure of the ESPP allows eligible participants to invest a portion of their base salary or service fee in ordinary shares of the Company. This plan facilitates share purchases every six months, which provides flexibility and encourages participation among the workforce.
Engagement of Primary Insiders
A notable transaction from the program includes that of Lars Eikeland, the CEO and CFO of Ensurge Micropower ASA, who acquired 664,228 ordinary shares at NOK 0.9875 per share. This engagement by primary insiders is a positive indicator of their confidence in the company's future.
A Closer Look at the 2024 ESPP
The 2024 Employee Share Purchase Plan is detailed on the company’s website and provides an opportunity for eligible individuals to subscribe for shares. The plan operates with two key offering periods tied to the Company’s financial disclosures, allowing employees to allocate up to 20% of their gross (pre-tax) base salary or service fees towards share purchases, within certain limits.
Key Benefits and Structure
Participants pre-select an investment amount from their salary or service fee during each offering period. The ESPP is designed for automatic renewal unless a participant opts out, ensuring continued engagement and investment in the Company. This structure is backed by authorization from the Company’s annual general meeting, reflecting a stable growth strategy.
Share Capital Increase
Following the registration of the share capital increases from the exercise of subscription rights and shares issued through the ESPP in the relevant business registry, the Company's total capital is expected to reach NOK 311,113,176.50, divided among 622,226,353 shares with a par value of NOK 0.50 each. This increase signifies the Company’s readiness for future endeavors and expansion opportunities.
Innovative Edge: About Ensurge Micropower
Ensurge Micropower stands at the forefront of battery technology, famously known for its ultrathin, flexible solid-state lithium microbatteries. These batteries cater to a range of applications, from wearables and health devices to IoT solutions. Ensurge's commitment to combining safety with advanced energy-dense solutions has positioned it for significant contributions to innovation in battery technology.
Contact Information
For more information, you can reach Lars Eikeland, Chief Executive Officer at lars.eikeland@ensurge.com.
Frequently Asked Questions
What is the purpose of the ESPP?
The Employee Share Purchase Plan (ESPP) allows employees to purchase shares in the company, thereby encouraging ownership and engagement within the staff.
Who can participate in the ESPP?
Eligible employees and contractors of Ensurge Micropower ASA can opt to participate in the ESPP, contributing a portion of their salaries towards share purchases.
What recent share transactions have occurred?
CEO Lars Eikeland recently acquired 664,228 ordinary shares, showcasing confidence in the company's prospects.
How often can shares be purchased under the ESPP?
Share purchases take place bi-annually, allowing participants to contribute based on their earnings.
What is the anticipated share capital after recent issuances?
The expected share capital will be NOK 311,113,176.50 after the new share issuances related to the subscription rights and ESPP are registered.
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