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Ensurge Micropower (ENMPY) announced on 14 December 2025 that its board has decided to cancel a previously announced subsequent offering of up to 22,222,222 new shares at a subscription price of NOK 0.90 per share.
The subscription period began on 5 December 2025, and the price matched the private placement disclosed on 9 November 2025. During the subscription window, the company’s shares traded below the proposed price with sufficient volume, allowing investors to acquire shares in the open market and mitigate the dilution impact of the earlier private placement.
Ensurge is a San Jose‑based developer of thin‑film micro‑battery technology, listed on the Oslo Stock Exchange, and serves consumer, medical, and industrial AI‑enabled device markets.
Positive
- Avoids issuance of 22,222,222 new shares at NOK 0.90
- Reduces immediate dilution pressure from the subsequent offering
- Shareholders were able to purchase shares below the subscription price in the market
Negative
- The private placement announced on 9 November 2025 remains a dilutive transaction
- Share price trading below NOK 0.90 signals limited market support for the offering
In a filing with the Oslo Stock Exchange, Ensurge explained that the board’s decision reflects a strategic assessment of market conditions. By canceling the subsequent offering, the company prevents further equity dilution while preserving capital for research and scale‑up of its roll‑to‑roll thin‑film battery production line.
From a financial perspective, the cancellation removes the risk of a steep increase in share count that could have pressured earnings per share and depressed the stock price. For investors, the move also signals confidence that the existing private‑placement capital is sufficient to fund the next phase of product development, which includes high‑energy‑density cells for edge‑AI sensors and implantable medical devices.
Technologically, Ensurge’s micro‑battery platform leverages a proprietary solid‑state electrolyte and a high‑precision deposition process that can produce batteries as thin as 100 µm. This form factor is critical for wearable health monitors, autonomous drones, and next‑generation IoT nodes where space and weight constraints dominate design decisions. The company’s partnership pipeline includes several global OEMs seeking to integrate its thin‑film cells into next‑generation AI‑enabled products.
Industry analysts note that the micro‑battery market is projected to grow at a compound annual growth rate of over 15 % through 2030, driven by the proliferation of AI at the edge and stricter safety regulations for lithium‑based energy storage. Ensurge’s cancellation of the secondary offering could be interpreted as an effort to maintain a lean capital structure while it scales its advanced manufacturing capabilities.
The company’s CEO, Shauna McIntyre, emphasized that the focus remains on accelerating time‑to‑market for its battery solutions and expanding strategic partnerships. The firm continues to monitor market liquidity and will consider alternative financing options, such as strategic investments or debt facilities, should the need arise.
FAQ
Why did Ensurge Micropower cancel the subsequent offering on 14 December 2025?
The board cancelled the offering because the shares traded below the NOK 0.90 subscription price for a substantial period and with sufficient volume, allowing investors to purchase shares in the market.
How many shares were included in the cancelled subsequent offering?
The offering comprised up to 22,222,222 new shares at NOK 0.90 per share.
Does the cancellation affect the private placement announced on 9 November 2025?
No. The private placement proceeds as originally planned; only the subsequent offering was cancelled.
When did the subscription period for the subsequent offering start?
The subscription period began on 5 December 2025.
What does the cancellation mean for shareholders concerned about dilution?
It prevents the issuance of additional shares that would have increased dilution, and shareholders were able to acquire shares below the subscription price to further limit dilution.
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