Ensurge Micropower ASA: Results of convertible loan financing

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UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.

Oslo, Norway, 21 October 2026 
Reference is made to the announcement by Ensurge Micropower ASA ("Ensurge" or
the "Company") on 28 September 2026 that the Company had successfully secured
commitments of NOK 21 million in a convertible loan financing of up to NOK 35
million, through the issuance of subordinated and unsecured convertible loans
(the "Convertible Loans"). Other existing shareholders and/or new investors
interested in participating in the Convertible Loans on the same terms were
given the opportunity to submit a notification of interest no later than 20
October 2026 at 16:30 CEST (the "Application Period"). Upon receipt of
notifications of interest within the Application Period, the Board of Directors
of the Company proposes to allocate additional Convertible Loans of NOK
3,052,450 ("Additional Convertible Loans") causing an increase of the aggregate
principal amount of the Convertible Loans to NOK 24,052,450. The Additional
Convertible Loans remain subject to approval by the Extraordinary General
Meeting scheduled for later today, 21 October 2027 (the "EGM"). Subject to EGM
approval, the payout date for the Additional Convertible Loans is no later than
27 October 2026.

The proceeds from the Convertible Loans will be used for general working capital
purposes and to fund the Company's continued commercialization of its
proprietary solid-state microbattery technology, including customer
qualification programs and strategic partnerships. Discussions with the global
sensor technology company last referred to in the Company's announcement on 12
October are progressing, and the Company continues to expect a paid development
agreement to be concluded. Separately, several other customer engagements are
progressing from evaluation toward paid, long-term development partnerships. In
parallel, the Company is advancing its previously announced relocation to a new
facility in San Jose, California. This multi-phase undertaking is central to
streamlining manufacturing, establishing a lean, sustainable cost structure, and
achieving consistent, high-quality battery output.

The key terms of the Convertible Loans:
* Issuer: Ensurge Micropower ASA 
* Status: Subordinated and unsecured convertible loans 
* Conversion Price: NOK 1.00 per share 
* Coupon: 10.0% per annum, PIK interest (paid-in-kind with additional shares at
the Conversion Price) 
* Maturity Date: 31 December 2027 
* Voluntary conversion: At any time after the registration of the Convertible
Loans in the Norwegian Register of Business Enterprises ("NRBE") and before the
Maturity Date, the lenders of the Convertible Loans (the "Lenders") have the
right to require conversion (in whole or in part) into shares at the Conversion
Price 
* Mandatory conversion at maturity: Outstanding principal (including accrued
unpaid interest) shall be mandatorily converted into shares at the Conversion
Price at maturity, unless previously converted 
* Warrants: Subject to EGM approval, three (3) warrants (Nw. frittstående
tegningsretter) (the "Warrants") will be granted free of charge to the Lenders
for every NOK five (5) allocated in the Convertible Loan. Each Warrant will give
the right to subscribe for one (1) new share at the same exercise price as the
Conversion Price. The Warrants may be exercised in the period from registration
of the Warrants in the NRBE to and including the Maturity Date. The Warrants
will be transferable, but will not be admitted to trading on any regulated
marketplace or multilateral trading facility 
* Anti-dilution protection: Full ratchet anti-dilution protection for any equity
issuance or issuance of convertible instruments during the term of the
Convertible Loans, with up to 100% downward adjustment of the Conversion Price.
Any adjustment of the Conversion Price under the anti-dilution protection will
cause a similar adjustment to the Warrant exercise price. In addition, the
Conversion Price and Warrant exercise price shall be adjusted proportionally in
the event of any share split, reverse share split, consolidation, sub-division,
bonus issue or other distribution of shares, or spin-off, so as to preserve the
economic equivalent of the Conversion Price and Warrant exercise price in effect
immediately prior to such event 

The Convertible Loans will be issued in accordance with section 11-1, cf.
section 11-2, of the Norwegian Public Limited Liability Companies Act ("PLCA").
The Additional Convertible Loans remain subject to EGM approval.

Equal treatment considerations 
For information about the board of directors' assessments of the Company's equal
treatment obligations under applicable laws and regulations in connection with
the Convertible Loans, please refer to the stock exchange announcement of 28
September 2026. 

Arctic Securities AS has acted as manager in connection with the issuance of the
Convertible Loans. 
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and section 5-12 of the Norwegian Securities Trading
Act. This stock exchange announcement was published by Kristian Mørk Spetalen on
behalf of Shauna McIntyre, CEO, on 21 October 2026 at the time and date stated
above in this announcement. 

For further information, please contact: ir@ensurge.com 

About Ensurge Micropower ASA 
Ensurge Micropower develops ultra-thin, flexible solid-state lithium
microbatteries that enable next-generation electronic devices. The company's
proprietary platform is designed to deliver safe, high-performance energy
storage in space-constrained applications across medical devices, hearables,
wearables, industrial systems, and defense. Ensurge Micropower ASA is listed on
the Oslo Stock Exchange under the ticker ENSU.

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. 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.
 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.\