Ensurge Micropower ASA - Cancellation of Subsequent Offering
Rhea-AI Summary
Ensurge Micropower ASA has announced the cancellation of its Subsequent Offering following a Private Placement that raised NOK 75 million. The Board's decision was based on the company's shares trading below the subscription price for an extended period, allowing shareholders to purchase shares in the market at lower prices to offset the Private Placement's dilutive effect. The shares continued trading below the subscription price throughout the entire subscription period of November 7-21, 2024.
Positive
- Successfully completed Private Placement raising NOK 75 million
Negative
- Share price trading below Private Placement subscription price
- Cancellation of Subsequent Offering due to low share price performance
Oslo, 22 November 2024
Reference is made to the stock exchange announcement published by Ensurge Micropower ASA (the "Company") on 19 September 2024 regarding the completion of a private placement raising gross proceeds of approximately NOK 75 million (the "Private Placement") and a potential subsequent offering on the same terms and conditions as in the Private Placement directed towards eligible shareholders (the "Subsequent Offering"). Further reference is made to the announcement on 5 November 2024, stating that the subscription period for the Subsequent Offering would be from 7 November 2024 to 21 November 2024.
The Board of Directors of the Company has resolved to cancel the Subsequent Offering.
The background for the cancellation is that the Company's shares have traded below the subscription price in the Private Placement for a substantial period and at sufficient volumes. Shareholders wishing to reduce the dilutive effect of the Private Placement have therefore had the opportunity to purchase shares in the market at prices below the subscription price in the Subsequent Offering. Further, the Company’s shares have traded below such subscription price during the entirety of the subscription period for the Subsequent Offering.
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:
Lars Eikeland - Chief Executive Officer
E-mail: lars.eikeland@ensurge.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
FAQ
Why did Ensurge Micropower (ENMPY) cancel its Subsequent Offering in November 2024?
How much did Ensurge Micropower (ENMPY) raise in its Private Placement in September 2024?
What was the subscription period for Ensurge Micropower's (ENMPY) cancelled Subsequent Offering?
