Ensurge Micropower ASA – Grant of incentive subscription rights

Rhea-AI Summary

On May 25, 2022, Ensurge Micropower ASA convened its Annual General Meeting, which approved the issuance of 2,000,000 incentive subscription rights to the two new board members, 1,000,000 each. The exercise price is set at NOK 2.5 per share, with rights vesting over two years in quarterly increments of 12.5%, starting three months post-grant. This strategic move aims to align board member incentives with shareholder interests.

Positive

• Issuance of 2,000,000 subscription rights aligns board incentives with shareholder interests.
• Subscription rights vesting over two years promotes long-term commitment from new board members.

Negative

• None.

News Market Reaction – ENMPY

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+400.00% Session move

In the trading session that priced this news, ENMPY gained 400.00%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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Oslo, 25 May 2022

Reference is made to the announcement by Ensurge Micropower ASA (“Ensurge” or the “Company”) on 25 May 2022 regarding the Annual General Meeting held on the same date. 

The Annual General Meeting resolved to issue a total of 2,000,000 incentive subscription rights to the two new members of the board of directors, i.e., 1,000,000 to each new board member. Each subscription right shall entitle the holder to demand the issuance of one share in the Company. The exercise price of the subscription rights is NOK 2,5 per share. The subscription rights shall vest and become exercisable over a period of two years after the date of grant, in equal quarterly terms, starting three months after the date of grant (12,5 % each quarter). 

Contact

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

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

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

FAQ

What did Ensurge Micropower ASA announce on May 25, 2022?

Ensurge announced the issuance of 2,000,000 incentive subscription rights to two new board members during their Annual General Meeting.

What is the exercise price for the subscription rights issued by Ensurge?

The exercise price for the subscription rights is set at NOK 2.5 per share.

How long is the vesting period for the subscription rights at Ensurge?

The subscription rights will vest over a period of two years, in quarterly increments of 12.5%.