Brief: Ensurge, Corning Enter Into Collaboration, Investment Agreement

Ensurge Micropower ASA

03/11/2025 07:10

Nov 3 (Reuters) - Ensurge Micropower ASA ENSU.OL:

ENSURGE AND CORNING ANNOUNCE COLLABORATION TO JOINTLY DEVELOP ULTRA-HIGH PERFORMANCE SOLID-STATE MICROBATTERIES BASED ON ENSURGE'S PLATFORM

PARTIES ALSO ENTERED INTO AN INVESTMENT AGREEMENT

CORNING SHALL PROVIDE CERTAIN ENGINEERING AND OTHER CORNING RESOURCES TO ENSURGE, THE COSTS OF WHICH SHALL BE CONVERTIBLE INTO NEW SHARES IN ENSURGE, BY SET-OFF OF THE ACCOUNTS RECEIVABLE HELD BY CORNING FOR THE SERVICES PERFORMED

AT END OF EACH QUARTER, SUCH COSTS SHALL BE CONVERTED TO SHARES IN ENSURGE AT PRICE OF NOK 1.11 PER SHARE

MAXIMUM MONETARY AMOUNT THAT MAY BE CONVERTED TO CONVERSION SHARES, BY SET-OFF, IS $5 MLN

ENSURGE SHALL FURTHER ISSUE CERTAIN WARRANTS TO CORNING, GIVING CORNING OPTION TO INVEST UP TO $10 MLN BY EXERCISE OF SUCH WARRANTS

Source text: ID:nGNE2w4T18

Further company coverage: ENSU.OL

 (Gdansk Newsroom)

 ((gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))