Ensurge Micropower ASA: Results of convertible loan financing

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG OR THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE "UNITED STATES") OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE 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.