Ensurge Micropower ASA

Share Issue/Capital Change • Dec 5, 2025

Ensurge Micropower ASA - Commencement of subscription period in the Subsequent Offering

Ensurge Micropower ASA - Commencement of subscription period in the Subsequent Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR

INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES

OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION

WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE

SECURITIES DESCRIBED HEREIN.

Oslo, Norway, 5 December 2025

Reference is made to the stock exchange announcement published by Ensurge

Micropower ASA ("Ensurge" or the "Company") on 9 November 2025 regarding the

successful private placement of 111,111,111 new shares ("Private Placement"),

and the launch of a potential subsequent offering of new shares (the "Subsequent

Offering"). The Subsequent Offering was approved by the Extraordinary General

Meeting of the Company held on 3 December 2025.

Further reference is made to the stock exchange announcement on 4 December 2025

regarding the approval and publication of a prospectus in connection with, among

other things, the Subsequent Offering (the "Prospectus").

The Subsequent Offering consists of an offer by the Company to issue up to

22,222,222 new shares (the "Offer Shares"), each with a nominal value of NOK

0.50, at a Subscription Price of NOK 0.90 per Offer Share, being equal to the

subscription price in the Private Placement.

The subscription period will commence today, on 5 December 2025 at 09:00 hours

(CET), and expire at 16:30 hours (CET) on 12 December 2025 (the "Subscription

Period").

The Company will, subject to applicable securities law, allocate subscription

rights ("Subscription Rights") to subscribe for Offer Shares in the Subsequent

Offering to shareholders who were holders of shares in the Company ("Shares") on

7 November 2025 (as registered in the Norwegian Securities Depositary (Euronext

VPS or the "VPS") two trading days thereafter (the "Record Date") who (i) were

not allocated new shares in the Private Placement, and (ii) are not resident in

a jurisdiction where such offering would be unlawful or, for jurisdictions other

than Norway, would require any prospectus, filing, registration or similar

action (each such shareholder an "Eligible Shareholder", and collectively, the

"Eligible Shareholders").

For each Share recorded as held in the Company as of expiry of the Record Date,

each Eligible Shareholder shall receive Subscription Rights proportionate to the

number of Shares in the Company that are registered as held by such Eligible

Shareholder on the Record Date, that, subject to applicable law, provide

preferential rights to subscribe for and be allocated Offer Shares in the

Subsequent Offering. The Company will issue 0.042889 Subscription Rights per one

(1) Share registered as held in the Company by an Eligible Shareholder on the

Record Date. One (1) Subscription Right will give the right to subscribe for and

be allocated one (1) Offer Share. The Shares of the Company began trading

exclusive of Subscription Rights from and including 10 November 2025. Hence, the

last day of trading inclusive of Subscription Rights was 7 November 2025. For

the purposes of determining eligibility to Subscription Rights, the Company will

look solely to its register of shareholders as of expiry of the Record Date,

which will show shareholders as of expiry of 7 November 2025.

The Subscription Rights must be used to subscribe for Offer Shares prior to

expiry of the Subscription Period on 12 December 2025 at 16:30 hours (CET).

Subscription Rights that are not used to subscribe for Offer Shares before the

expiry of the Subscription Period will have no value and will lapse without

compensation to the holder.

Oversubscription and subscription without subscription rights is permitted.

Oversubscription will be allocated as determined by the Board. The Subscription

Rights will be non-transferable and will not be tradable on Oslo Børs.

The due date for the payment of the Offer Shares is expected to be on or about

17 December 2025. Delivery of the Offer Shares is expected to take place on or

about 22 December 2025 through the facilities of the VPS.

For further information on the Subsequent Offering and the subscription

procedures, please refer to the Prospectus. The Prospectus is available on the

websites of Arctic Securities AS at https://arctic.com/offerings and DNB

Carnegie, a part of DNB Bank ASA, at https://www.dnb.no/emisjoner, which have

acted as managers and bookrunners in connection with the Private Placement and

the Subsequent Offering (the "Managers"). Ræder Bing advokatfirma AS acts as the

Company's legal advisor. Advokatfirmaet Thommessen AS acts as legal advisor to

the Managers.

About Ensurge Micropower:

Ensurge (www.ensurge.com) powers the future of AI-enabled devices with advanced

microbattery technology that delivers unmatched performance and safety. From its

base in San Jose, California, the Company's team of battery specialists have

pioneered thin-film batteries produced on high-precision roll-to-roll production

processes. These innovations enable new possibilities in form-factor-constrained

applications across consumer, medical, and industrial markets. Ensurge partners

with leading global customers to accelerate their products to market and is

listed on the Oslo Stock Exchange. For more news and information on Ensurge,

please visit https://www.ensurge.com/news-room.

For more information, please contact:

Shauna McIntyre - Chief Executive Officer

E- mail: shauna.mcintyre@ensurge.com (mailto:shauna.mcintyre@ensurge.com)

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

Important information:

This announcement is not and does not form a part of any offer to sell, or a

solicitation of an offer to purchase, any securities of the Company. The

distribution of this announcement and other information may be restricted by law

in certain jurisdictions. Copies of this announcement are not being made and may

not be distributed or sent into any jurisdiction in which such distribution

would be unlawful or would require registration or other measures. Persons into

whose possession this announcement or such other information should come are

required to inform themselves about and to observe any such restrictions.

The securities referred to in this announcement have not been and will not be

registered under the U.S. Securities Act of 1933, as amended (the "Securities

Act"), and accordingly may not be offered or sold in the United States absent

registration or an applicable exemption from the registration requirements of

the Securities Act and in accordance with applicable U.S. state securities laws.

The Company does not intend to register any part of the offering or its

securities in the United States or to conduct a public offering of securities in

the United States. Any sale in the United States of the securities mentioned in

this announcement will be made solely to "qualified institutional buyers" as

defined in Rule 144A under the Securities Act.

In any EEA Member State, this communication is only addressed to and is only

directed at qualified investors in that Member State within the meaning of the

EU Prospectus Regulation, i.e., only to investors who can receive the offer

without an approved prospectus in such EEA Member State. The expression "EU

Prospectus Regulation" means Regulation 2017/1129 as amended together with any

applicable implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons

in the United Kingdom that are (i) investment professionals falling within

Article 19(5) of the Financial Services and Markets Act 2000 (Financial

Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities,

and other persons to whom this announcement may lawfully be communicated,

falling within Article 49(2)(a) to (d) of the Order (all such persons together

being referred to as "relevant persons"). This communication must not be acted

on or relied on by persons who are not relevant persons. Any investment or

investment activity to which this communication relates is available only for

relevant persons and will be engaged in only with relevant persons. Persons

distributing this communication must satisfy themselves that it is lawful to do

so.

Matters discussed in this announcement may constitute forward-looking

statements. Forward-looking statements are statements that are not historical

facts and may be identified by words such as "believe", "expect", "anticipate",

"strategy", "intends", "estimate", "will", "may", "continue", "should" and

similar expressions. The forward-looking statements, inter alia in relation to

the Private Placement and the Offer Shares, in this release are based upon

various assumptions, many of which are based, in turn, upon further assumptions.

Although the Company believes that these assumptions were reasonable when made,

these assumptions are inherently subject to significant known and unknown risks,

uncertainties, contingencies and other important factors which are difficult or

impossible to predict and are beyond its control.

Actual events may differ significantly from any anticipated development due to a

number of factors, including without limitation, changes in investment levels

and need for the Company's services, changes in the general economic, political

and market conditions in the markets in which the Company operate, the Company's

ability to attract, retain and motivate qualified personnel, changes in the

Company's ability to engage in commercially acceptable acquisitions and

strategic investments, and changes in laws and regulation and the potential

impact of legal proceedings and actions. Such risks, uncertainties,

contingencies and other important factors could cause actual events to differ

materially from the expectations expressed or implied in this release by such

forward-looking statements. The Company does not provide any guarantees that the

assumptions underlying the forward-looking statements in this announcement are

free from errors nor does it accept any responsibility for the future accuracy

of the opinions expressed in this announcement or any obligation to update or

revise the statements in this announcement to reflect subsequent events. You

should not place undue reliance on the forward-looking statements in this

document.

The information, opinions and forward-looking statements contained in this

announcement speak only as at its date and are subject to change without notice.

The Company does not undertake any obligation to review, update, confirm, or to

release publicly any revisions to any forward-looking statements to reflect

events that occur or circumstances that arise in relation to the content of this

announcement.

Neither the Managers nor any of their affiliates make any representation as to

the accuracy or completeness of this announcement and none of them accepts any

responsibility for the contents of this announcement or any matters referred to

herein.

This announcement is for information purposes only and is not to be relied upon

in substitution for the exercise of independent judgment. It is not intended as

investment advice and under no circumstances is it to be used or considered as

an offer to sell, or a solicitation of an offer to buy any securities or a

recommendation to buy or sell any securities in the Company. Neither the

Managers nor any of their affiliates accept any liability arising from the use

of this announcement.