The board of directors of Ensurge Micropower ASA (the “Company”) has on 3 September 2023 resolved to issue 12,771,031 ordinary shares at NOK 0.10 per share to employees and contractors (“Participants”) in the Company who participate in the Company's 2023 Employee Share Purchase Plan (“ESPP”). The ESPP was approved by the annual general meeting on 24 May 2023.
15 Participants participated in the ESPP in this period. The Participants have elected to invest a part of the base salary or service fee in ordinary shares in the Company. Purchase takes place every six months.
Following the issue, also having considered the share issuances in connection with the completed subsequent offering, and the conversion of convertible loans, both announced by the Company on 31 August 2023, the Company's share capital will be NOK 185,968,885.80 divided into 1,859,688,858 shares, each with a nominal value of NOK 0.10.
Primary insiders
Ensurge Micropower ASA discloses transactions by the following primary insiders in Ensurge Micropower ordinary shares:
- Lars Eikeland, CEO and CFO, acquired 2,103,858 ordinary shares at NOK 0.10 per share; and
- Arvind Kamath, EVP Technology Development, acquired 1,770,540 ordinary shares at NOK 0.10 per share.
Please see the enclosed forms for further details on the transactions.
Ensurge Micropower ASA 2023 ESPP
The ESPP was approved at the annual general meeting on 24 May 2023. The ESPP is available on the Company’s website. https://ensurge.com/wp-content/uploads/2023/05/Ensurge-2023-Employee-Share-Purchase-Plan.pdf
Any person who is an eligible participant has been offered to subscribe for shares in the Company in connection with the ESPP. The ESPP is structured around two offering periods, starting on the first day of the calendar month following each planned public disclosure on Oslo Børs of the half-yearly and fourth quarter financial results of the Company, such calendar months being September through February and March through August, with the first offering period however having commenced as of 15 May 2023 and having continued through 31 August 2023. During each offering period, a fixed amount (up to 20% of the employee's gross (pre-tax) base salary or, in the case of contractors, up to 20% of the service fee payable to such contractor) is withheld from the employee's net salary or from the contractor’s service fee, which fixed amount must be at least a total of NOK 6,000 (or equivalent foreign currency) for each offering period. The Participant may sign up to participate in the ESPP from the date of the public disclosure of the half-yearly or fourth quarter financial results until the day before the commencement of the offering period. Unless the Participant actively withdraws from the ESPP, participation is automatically renewed for the same amount for subsequent offering periods. The board's resolution to issue new shares in connection with the ESPP is made pursuant to the authorization granted by the Company's annual general meeting on 24 May 2023 to increase the Company's share capital in connection with the ESPP. Settlement of the subscription amount is made by set-off against debt to the employees and contractors (offset).
In accordance with Regulation (EU) 2017/1129 (the "Prospectus Regulation") Article 1 (5) h, issuance of shares in connection with the ESPP is exempt from the obligation to publish a listing prospectus.
About Ensurge Micropower:
Ensurge is Energizing Innovation(TM) with the first ultrathin, flexible, reliable, and fundamentally safe solid-state lithium microbattery for the 1 to 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.
For more information, please contact:
Terje Rogne, Chairman
Phone: +47 472 02 200
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