Ensurge Micropower ASA: Convertible Loan Financing

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Oslo, Norway, 28 September 2026

Ensurge Micropower ASA ("Ensurge" or the "Company") has 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"). The Convertible Loans have a conversion price of NOK 1.00 per share
(the "Conversion Price"), a 77.3% premium to the closing price of NOK 0.564 per
share on 25 September 2026. Other existing shareholders and new investors are
invited to participate in the Convertible Loans on the same terms and
conditions, as further described below.   
The proceeds from the Convertible Loans will be used for general corporate
purposes, including working capital and continued development. 

Key terms of the Convertible Loans:
* Issuer: Ensurge Micropower ASA
* Status: Subordinated and unsecured convertible loans
* Committed amount: NOK 21 million 
* Maximum amount: NOK 35 million
* Minimum subscription and allocation amount: NOK equivalent of EUR 100,000
* 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: 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"). 


Arctic Securities AS (the "Manager") is acting as manager in connection with the
issuance of the Convertible Loans. 
The Company's board of directors (the "Board") has approved the structure of the
convertible loan financing, including the Warrants. The Board has resolved to
issue Convertible Loans with an aggregate principal amount of NOK 21 million
pursuant to the board authorization to issue Convertible Loans granted by the
Company's annual general meeting on 15 May 2026 (the "Board Authorization"). 

Issuance of the Warrants remains subject to approval by the extraordinary
general meeting in the Company (the "EGM"), expected to be held on or about 20
October 2026. The Lenders have undertaken to vote in favor of the Warrants at
the EGM. In case the EGM does not approve the issue of the Warrants to the
Lenders, the Company shall repay the Convertible Loans in cash to the Lenders
within four (4) weeks from the date of the EGM.  

Participation in the Convertible Loans by existing shareholders or new investors
To the extent other existing shareholders and/or new investors may be interested
in participating in the Convertible Loan financing, such parties may submit a
non-binding Notification of Interest to the Manager at tel. +47 22937246.
Notification of Interest must be received by the Manager no later than 9 October
2026 at 16:30 CEST (the "Application Period"); provided, however, that the
Company, at its sole discretion and in consultation with the Manager, can
shorten or extend the Application Period at any time and for any reason without
notice. 

The minimum subscription and allocation amount for each interested party in the
Convertible Loans will be the NOK equivalent of EUR 100,000. Any allocation in
the Convertible Loans to interested parties will be made at the sole discretion
of the Board after input from, and in consultation with, the Manager following
expiry of the Application Period. The Board provides no assurance that any
interested party having submitted a Notification of Interest will be allocated
any portion of the Convertible Loans.

Following the issuance of NOK 21 million in Convertible Loans to the Lenders
under the Board Authorization, the Board retains substantially no further
authority to issue convertible loans under the Board Authorization. Any issuance
of Convertible Loans to parties submitting Notifications of Interest will
therefore require approval by the EGM. The issuance of Warrants in connection
with any Convertible Loans will be subject to approval by the EGM. 

Equal treatment considerations
The Board has thoroughly considered the Convertible Loans, including the
Warrants, in light of the equal treatment obligations under the PLCA and the
Norwegian Securities Trading Act and deems that such convertible loan financing
is in compliance with these requirements. The Board is of the opinion that the
deviations from the preferential rights of the existing shareholders in respect
of the Convertible Loans and the Warrants is reasonable and just based on a
number of factors, including in particular (i) the Company's imminent funding
needs, (ii) the time, costs and risk of alternative methods of securing the
desired funding, (iii) the fact that the proposed Conversion Price of NOK 1.00
per share represents a substantial premium to the closing market price of the
Company's shares on 25 September 2026, which was NOK 0.564 (while a private
placement or rights issue most likely would be concluded at a subscription price
with a discount to the market price), as well as (iv) the fact that all other
existing shareholders of the Company have been given the opportunity to
participate in the Convertible Loans and the issuance of the Warrants on the
same terms and conditions by submitting a Notification of Interest. Hence, the
Board is of the view that the issuance of the Convertible Loans and the Warrants
is in the common interest of the Company and the shareholders of the Company and
in compliance with the equal treatment obligations.

For further information, please contact:
Investor relations e-mail: ir@ensurge.com 
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 28 September 2026 at the time and date stated
above in this announcement.

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.
mpany. 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.\