Ensurge Micropower ASA - Cancellation of Subsequent Offering

07 Dec 2022 12:42 CET

Reference is made to the stock exchange announcement published on 8 November
2022 by Ensurge Micropower ASA ("Ensurge" or the "Company") announcing the
successful completion of a private placement of new shares in the Company, with
gross proceeds of approximately NOK 55 million (the "Private Placement"), and a
potential subsequent offering of up to 7,500,000 new shares directed towards
eligible shareholders (the "Subsequent Offering"), raising up to NOK 15,000,000.

As stated in the announcement on 8 November 2022, the Subsequent Offering was
subject to, among other things, the prevailing market price of Ensurge's shares
being higher than NOK 2.00, i.e. the subscription price in the Subsequent
Offering. Further, as resolved by the Company's Extraordinary General Meeting on
1 December 2022, the Company's Board of Directors are authorized to, at any time
prior to completion, cancel the Subsequent Offering if applicable market terms
provide grounds for such cancellation.

Following announcement of completion of the Private Placement, the shares in the
Company have traded around or below the subscription price in the Private
Placement with volumes exceeding the maximum size of the Subsequent Offering.
Consequently, any shareholders wishing to reduce the dilutive effect of the
Private Placement have had the opportunity to purchase shares in the Company in
the market at prices similar to or below what would have been the subscription
price in the Subsequent Offering.

The Company's Board of Directors has therefore decided to cancel the Subsequent
Offering.


Contact

Ståle Bjørnstad - Investor Relations
E-mail: stale.bjornstad@ensurge.com (mailto:stale.bjornstad@ensurge.com)
Phone: +47 99 16 76 72

Kevin Barber - Chief Executive Officer
E-mail: kevin.barber@ensurge.com (mailto:kevin.barber@ensurge.com)

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.


About Ensurge Micropower

Ensurge is Energizing Innovation (TM) with the first ultrathin, flexible,
reliable, and fundamentally safe solid-state lithium microbattery for the 1-100
milliampere-hour (mAh) class of wearable devices, connected sensors, and beyond.
The innovative Ensurge Microbattery enables energy-dense rechargeable products
that are ideal for form-factor-constrained applications including hearables
(hearing aids and wireless headphones), digital and health wearables, sports and
fitness devices, and IoT sensor solutions that use energy harvesting to power
everyday things. The company's state-of-the-art manufacturing facility, located
in the heart of Silicon Valley, combines patented process technology and
materials innovation with the scale of roll-to- roll production methods to bring
the advantages of Ensurge technology to established and expanding markets.

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