Ensurge Micropower ASA - Grant of Incentive Subscription Rights

Rhea-AI Summary

Ensurge Micropower ASA (ENMPY) has granted 11,400,000 incentive subscription rights to US employees/consultants and CEO/CFO Lars Eikeland. The grant, made under the company's 2024 incentive plan, has an exercise price of NOK 1.386 per share. The subscription rights have varying vesting schedules, with the majority vesting over three years. All rights expire on May 14, 2029.

Ensurge specializes in developing ultrathin, flexible solid-state lithium microbatteries for wearable devices, connected sensors, and IoT applications. The company's innovative technology aims to enable energy-dense rechargeable products ideal for form-factor-constrained applications in the 1-100 mAh class.

Positive

• Granting of incentive subscription rights may help retain and motivate key employees and executives
• Company's focus on innovative microbattery technology for growing markets like wearables and IoT

Negative

• None.

The Board of Directors of Ensurge Micropower ASA (the "Company") resolved on 20 August 2024 to grant a total of 11,400,000 incentive subscription rights to its US employees/consultants in the Ensurge group and the CEO/CFO Lars Eikeland. The grant was made under the Company's 2024 incentive subscription rights plan, as resolved at the Annual General Meeting on 14 May 2024. The exercise price of the subscription rights is calculated to NOK 1.386 per share. For 11,060,000 of the granted subscription rights, 10% of the subscription rights will vest on the one-year anniversary of the date of grant, 20% will vest on the two-year anniversary of the date of grant, and 70% will vest on the three-year anniversary of the date of grant. 

For the remaining 340,000 granted subscription rights, 50% of the subscription rights will vest on the one-year anniversary of the date of grant, and the remaining 50% will vest on the two-year anniversary of the date of grant. 

The subscription rights expire on 14 May 2029. The subscription rights otherwise follow the terms and conditions of the 2024 subscription rights incentive plan. 

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 (mailto:lars.eikeland@ensurge.com)

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

FAQ

What is the exercise price of Ensurge Micropower's (ENMPY) newly granted subscription rights?

The exercise price of the subscription rights granted by Ensurge Micropower (ENMPY) is NOK 1.386 per share.

How many incentive subscription rights did Ensurge Micropower (ENMPY) grant on August 20, 2024?

Ensurge Micropower (ENMPY) granted a total of 11,400,000 incentive subscription rights on August 20, 2024.

When do the subscription rights granted by Ensurge Micropower (ENMPY) expire?

The subscription rights granted by Ensurge Micropower (ENMPY) expire on May 14, 2029.

What is the vesting schedule for the majority of Ensurge Micropower's (ENMPY) newly granted subscription rights?

For 11,060,000 of the granted subscription rights, 10% vest after one year, 20% after two years, and 70% after three years from the grant date.