Ensurge Micropower halts share issuance as stock prices plummet below target
Ensurge Micropower ASA has cancelled its stock market issuance programme after a period of low stock market today prices. The company, which specialises in microbattery technology for AI-powered devices, announced the decision following a review by its Board of Directors. The move comes as shares consistently traded below the set subscription rate for an extended time on the stock market today.
The Subsequent Offering involved up to 22,222,222 new shares, priced at NOK 0.90 each. However, stock market today conditions led to a prolonged period where the share price fell below this level. Investors could also buy shares on the open stock market today at lower rates, reducing demand for the offering.
The cancellation of the stock market issuance means Ensurge Micropower will not proceed with the planned 22,222,222 new shares. Shareholders who participated in the stock market were able to acquire stock at prices lower than the intended subscription rate. The Board’s decision reflects current stock market conditions and trading activity.
