Ensurge Micropower ASA’s Successful Private Placement
Ensurge Micropower ASA has successfully finalized a private placement, collecting a remarkable NOK 75 million through the issuance of new shares. This initiative drew significant attention from investors, leading to an oversubscription of the offering.
Private Placement Overview
This private placement was organized by Arctic Securities AS and Skandinaviska Enskilda Banken AB (publ). It involved the issuance of 75 million new shares, each priced at NOK 1. The funds raised will enhance the company’s operational capabilities, focusing on expanding its workforce by 25% and increasing capital expenditures that are crucial for scaling up production volumes.
How the Funds Will Be Used
Ensurge intends to allocate the net proceeds from this placement to support its expanding operations, which include hiring more employees and upgrading production facilities. In addition, the company plans to pursue further financing through joint development agreements and battery sales, complementing this equity funding in the coming months.
Structure of the Private Placement
The fundraising is organized into two separate tranches. The first tranche comprises 61,790,320 shares, representing about 10% of the total shares outstanding for Ensurge. The second tranche will contain 13,209,680 shares. The allocation of shares between these tranches will be based on a pro-rata system, with Tranche 2’s completion relying on shareholder approval during an extraordinary general meeting scheduled for the near future.
Details and Approvals for Each Tranche
The board of directors has decided to move forward with Tranche 1 based on a prior authorization from shareholders. However, completing Tranche 2 will depend on the results of the forthcoming extraordinary meeting and compliance with other regulatory requirements. It’s important to note that shareholders receiving shares in Tranche 1 will have their transactions considered final, regardless of whether Tranche 2 is executed.
Future Capital and Share Offerings
Once this placement is complete, Ensurge’s share capital will rise to NOK 348,613,173, divided among 697,226,346 shares with a par value of NOK 0.50 each. Both tranches are expected to be processed through share lending agreements, which will facilitate an efficient transition to bolster the company’s capital base.
Plans for Additional Offerings
The company is also planning a follow-up offering targeting existing shareholders who did not take part in this private placement. This subsequent offering is anticipated to allow those participants to subscribe under the same conditions as the private placement, with the potential to raise an additional NOK 11.5 million, pending necessary approvals.
Getting to Know Ensurge Micropower
Ensurge stands out in the industry for its pioneering solid-state lithium microbatteries that are ultrathin and perfect for wearable technology and IoT applications. These batteries prioritize safety, reliability, and adaptability, making them suitable for a variety of devices, such as fitness trackers and connected sensors.
Excellence in Manufacturing
The company’s cutting-edge manufacturing facility, located in Silicon Valley, leverages patented technologies and production methods to meet market demands effectively. Ensurge is dedicated to driving innovation globally, strategically preparing to address the growing need for energy-dense, rechargeable products.
Contact Details
If you have any questions, please contact Lars Eikeland, the Chief Executive Officer, via email at lars.eikeland@ensurge.com.
Frequently Asked Questions
How much capital was raised in this private placement?
The private placement raised a total of NOK 75 million for Ensurge Micropower ASA.
What is the total number of shares issued during this placement?
During this placement, 75 million new shares were issued at a price of NOK 1 each.
What will the raised funds be used for?
The funds will be directed towards increasing workforce personnel and upgrading production capabilities to handle larger volume outputs.
What is the purpose of having two tranches?
The two tranches provide a structured way to raise capital while giving investors different options for participation.
Who qualifies to take part in the subsequent offering?
Existing shareholders who did not participate in the initial private placement will be eligible for the subsequent offering.
