Brief: Ensurge Micropower Appoints Mark Newman As Interim CEO, Gives Commercial Update

Ensurge Micropower ASA

06/02/2023 08:36

Feb 6 (Reuters) - Ensurge Micropower ASA  ENSU.OL :
    * ANNOUNCEMENT ON ORGANIZATIONAL CHANGES AND COMMERCIAL
UPDATE
    * MARK NEWMAN WILL ASSUME ROLE AS INTERIM CHIEF EXECUTIVE
OFFICER
OF ENSURGE AND ITS US SUBSIDIARY, COMMENCING ON OR ABOUT FEB 8
    * HE WILL REPLACE KEVIN BARBER, WHO HAS BEEN CEO SINCE
NOVEMBER
2018
    * DUE TO APPLICABLE LEGAL REQUIREMENTS, MARK WILL
TEMPORARILY
RESIGN FROM BOARD WHILE SERVING AS INTERIM CEO
    * IS NOW IN A POSITION TO CAPTURE A SIGNIFICANT SHARE OF
LARGE
GLOBAL MARKET FOR MICRO-BATTERIES
    * IN SHORT TERM, TO BETTER POSITION CO FOR FURTHER
COMMERCIALIZATION, GROWTH, MEASURES WILL BE TAKEN TO REDUCE
COSTS AND CASH BURN
    * ALL EXPENDITURES WILL BE REVIEWED WITH OBJECTIVE TO CUT
COSTS
MEANINGFULLY
    * FINANCIAL RESTRUCTURING OF CO WILL INCLUDE RAISING FUNDS
THROUGH
US SUBSIDIARY, POSSIBLE LISTING OF US SUBSIDIARY
    * AS APPOINTMENT OF MARK NEWMAN AS CEO IS INTENDED AS
INTERIM IN
NATURE, COMPANY WILL SEEK TO FIND A PERMANENT CEO

Source text for Eikon:  ID:nGNEc66dBn 
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