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Ensurge Micropower ( (ENMPF) ) just unveiled an update.
Ensurge Micropower ASA has secured NOK 60 million in commitments for subordinated, unsecured convertible loans from existing shareholders to fund key commercialization milestones for its microbattery technology. The financing, which may be increased to a maximum of NOK 80 million, is aimed at supporting customer qualification programs, strategic partnerships and the company’s progress toward revenue generation.
The loans carry a 10% paid-in-kind interest rate, a conversion price of NOK 1.00 per share representing a 48% premium to the recent market price, and include warrants plus full ratchet anti-dilution protection for lenders. The structure, subject to shareholder and registry approvals, will see the funds disbursed in three tranches, and the board argues that the premium pricing, broad participation opportunity and speed of execution make the package in the common interest of the company and its shareholders.
More about Ensurge Micropower
Ensurge Micropower ASA is a Norway-based developer of ultra-thin, flexible solid-state lithium microbatteries for next-generation electronic devices. Its proprietary energy storage platform targets space-constrained applications in medical devices, hearables, wearables, industrial systems and defense, and the company is listed on the Oslo Stock Exchange under the ticker ENSU.
YTD Price Performance: -19.11%
Average Trading Volume: 1,700,976
Current Market Cap: NOK670.7M
Learn more about ENMPF stock on TipRanks’ Stock Analysis page.