Ensurge Micropower ASA

Contemplated Private Placement

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN. 

Ensurge Micropower ASA ("Ensurge" or the "Company") has engaged Skandinaviska Enskilda Banken AB (publ) (the “Manager”) to advise on and effect a contemplated private placement of up to  54,775,545 new ordinary shares in the Company (the "Offer Shares" and the "Private Placement"). 

The final number of Offer Shares to be issued and the subscription price per Offer Share will be determined by the Company's board of directors (the "Board") in consultation with the Manager, on the basis of an accelerated bookbuilding process. The Board has in place an authorization to issue the Offer Shares, granted by the general meeting on 19 March 2024 (the “Authorization”).

Ensurge is publishing its Q1 2024 report on 14^th May 2024. The highlights from the report are summarized below: 

•  Revenues in Q1 2024 amounted to USDk 20, compared to USDk 0 in Q1 2023
•  Operating costs amounted to USDk 3,278 in Q1 2024, compared to USDk 2,995 in Q1 2023
•  The company’s cash position at the end of Q1 2024 was equivalent to USDk 4,893, compared to USDk 4,783 in Q1 2023, and USDk 3,791 at year end 2023.

The net proceeds from the Private Placement will be used fund the Company’s operations, with focus on Go-to-Market activities and production ramp up. Over the next 6-9 months Ensurge Micropower expects significant funding from customers and technology partners to complement this equity funding.

The bookbuilding period for the Private Placement will commence on 13 May 2024 at 16:30 CET and is expected to close on 14 May 2024 at 08:00 CET (the "Bookbuilding Period"). The Company, in consultation with the Manager, reserves the right to at any time and in its sole discretion resolve to close or extend the Bookbuilding Period or to cancel the Private Placement in its entirety without further notice. If the Bookbuilding Period is shortened or extended, any other dates referred to herein may be amended accordingly.