Ensurge Micropower Grants Incentive Subscription Rights
The Board of Directors of Ensurge Micropower ASA (the "Company") has decided to issue a total of 11,400,000 incentive subscription rights to its employees and consultants in the US, including CEO/CFO Lars Eikeland. This decision is part of the Company's 2024 incentive subscription rights plan, which was recently approved during the Annual General Meeting.
Details of the Grant
The exercise price for these subscription rights is established at NOK 1.386 per share. Out of the total granted, 11,060,000 subscription rights will follow this vesting schedule: 10% will vest on the one-year anniversary of the grant date, 20% on the two-year anniversary, and 70% on the three-year anniversary. The remaining 340,000 subscription rights will have a different vesting arrangement, with 50% vesting on the one-year anniversary and the other 50% on the two-year anniversary.
Expiration and Terms
These subscription rights will expire on 14 May 2029 and will be subject to the terms and conditions specified in the 2024 subscription rights incentive plan.
About Ensurge Micropower
Ensurge is at the forefront of innovation with its ultrathin, flexible, reliable, and fundamentally safe solid-state lithium microbattery, designed for applications in the 1 to 100 milliampere-hour (mAh) range. This advanced technology caters to a wide array of uses, including wearables, connected sensors, and much more. The Ensurge Microbattery facilitates energy-dense rechargeable products, making it ideal for compact devices such as hearing aids, wireless headphones, health wearables, sports gadgets, and IoT sensor solutions that leverage energy harvesting.
Manufacturing Excellence
The company boasts a cutting-edge manufacturing facility located in Silicon Valley, employing patented process technologies and material innovations alongside roll-to-roll production methods. This approach ensures scalability and efficiency in delivering Ensurge technology to both established and emerging markets.
Contact Information
For more information, please reach out to Lars Eikeland, Chief Executive Officer, at lars.eikeland@ensurge.com.
Frequently Asked Questions
What are incentive subscription rights?
Incentive subscription rights are options granted to employees, allowing them to purchase shares of the company at a set price, typically designed to motivate and reward performance.
How many subscription rights were granted by Ensurge Micropower ASA?
Ensurge Micropower ASA granted a total of 11,400,000 incentive subscription rights to its US employees and consultants.
What is the exercise price for the granted rights?
The exercise price for these subscription rights is NOK 1.386 per share.
What is the vesting schedule for the subscription rights?
The vesting schedule is structured differently for two sets of rights: most will vest at 10%, 20%, and 70% over three years, while a smaller group will vest at 50% each after one and two years.
Where is Ensurge’s manufacturing facility located?
The manufacturing facility is situated in Silicon Valley, utilizing advanced production techniques to enhance efficiency and output.
