Ensurge Micropower Secures NOK 75 Million Through New Shares

Successful Private Placement by Ensurge Micropower ASA

Ensurge Micropower ASA has recently completed a successful private placement, raising an impressive NOK 75 million through the issuance of new shares. This initiative garnered strong interest from investors, resulting in an oversubscribed offering.

Details of the Private Placement

The private placement, which was coordinated by Arctic Securities AS and Skandinaviska Enskilda Banken AB (publ), involved the issuance of a total of 75 million new shares at NOK 1 each. These funds are earmarked for enhancing the company's operational capabilities, focusing on expanding the workforce by 25% and ramping up capital expenditures necessary for transitioning to larger production volumes.

Utilization of Funds

Ensurge plans to utilize the net proceeds from the placement to finance its growing operations, which include bolstering its team and upgrading production lines. Additionally, they anticipate further financing through joint development agreements and battery sales, complementing this equity funding over the upcoming months.

Structure of the Private Placement

The fundraising effort is divided into two distinct tranches. The first tranche consists of 61,790,320 shares, which make up approximately 10% of the total shares outstanding in Ensurge. The second tranche will include 13,209,680 shares. The distribution of shares between the two tranches will be done on a pro-rata basis, with the completion of Tranche 2 contingent on shareholder approval during an extraordinary general meeting expected in the near future.

Tranche Details and Approvals

The board of directors has resolved to proceed with Tranche 1 following an earlier authorization granted by shareholders. Completion of Tranche 2, however, will depend on the outcomes of the upcoming extraordinary meeting and other regulatory requirements. It is crucial to note that investors granted shares in Tranche 1 will have their acquisitions binding, regardless of whether Tranche 2 is completed.

Future Offerings and Share Capital

After the completion of this placement, Ensurge’s share capital will amount to NOK 348,613,173, distributed across 697,226,346 shares with a par value of NOK 0.50 each. Both tranches are expected to settle through share lending agreements, ensuring a smooth transition to increase the firm's capital base.

Subsequent Offerings

The company has outlined additional plans for a subsequent offering, aimed at existing shareholders who have not participated in this private placement. This offering is expected to allow participants to subscribe at the same terms as the private placement, potentially raising an extra NOK 11.5 million in capital, subject to necessary approvals.

Understanding Ensurge Micropower

Ensurge is leading the way in innovation with its advanced ultrathin solid-state lithium microbatteries, ideal for wearable technology and IoT applications. These batteries offer unmatched safety, reliability, and flexibility, making them perfect for a wide range of products, from fitness trackers to connected sensors.

Manufacturing Excellence

The company operates a state-of-the-art manufacturing facility located in Silicon Valley, allowing it to leverage patented technologies and production methods to meet market demands efficiently. Ensurge is committed to energizing innovation across the globe, positioning itself strategically to meet the rising demands for energy-dense rechargeable products.

Contact Information

For further inquiries, please reach out to Lars Eikeland, Chief Executive Officer, via email at lars.eikeland@ensurge.com.

Frequently Asked Questions

What is the total amount raised in this private placement?

The private placement successfully raised NOK 75 million for Ensurge Micropower ASA.

How many shares were issued during the placement?

A total of 75 million new shares were issued, priced at NOK 1 each.

What are the future plans for the raised capital?

The funds will be used to increase operations personnel and to upgrade production lines for larger volume outputs.

What is the significance of the two tranches?

The two tranches allow for a structured approach to raising capital while offering investors varied participation options.

Who can participate in the subsequent offering?

Existing shareholders who did not participate in the initial private placement will be eligible for the subsequent offering.

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