Newark, New York, October 27, 2026 ( GLOBE NEWSWIRE ) – Ultralife Corporation (Nasdaq ticker: ULBI ) announced today that it has signed a merger agreement with EnerSys (New York Stock Exchange ticker: ENS ). Under the agreement, upon completion of the transaction, EnerSys will acquire Ultralife Corporation for approximately $320 million in cash, including assumption of net debt.
According to the terms of the merger agreement, Ultralife Corporation shareholders will receive $16.00 in cash per share. The agreement has been unanimously approved by the boards of directors of both companies. The acquisition price represents a 166% premium over Ultralife Corporation's closing price on October 26, 2026.
The strategic significance of trading
Ultralife indicates that the company and EnerSys have a high degree of complementarity, and the merger will provide a more attractive platform for continuous innovation, customer support, and growth. After the merger of the two companies, it is expected that they will be able to:
- By integrating complementary products, engineering capabilities, and design expertise for specific applications, a unique portfolio of comprehensive mission-critical power solutions is established;
- Expand scale and increase coverage in the large and rapidly growing defense market. Business capabilities cover key mission applications such as ammunition, individual soldier power supply, drones, anti-drone systems, and autonomous systems, to accelerate key areas of growth;
- Leveraging the differentiated multi-chemical system capabilities of Ultralife, specially crafted advanced manufacturing capacity (including existing safety and environmental permits), as well as operational experience in expanding the production of EnerSys proprietary liquid storage battery technology, to expand the portfolio of advanced defense power technologies of EnerSys;
- By creating a broader product portfolio that meets the requirements of foreign entities ( FEOC ), deepen relationships with the U.S. Department of Defense and allied clients.
Management Commentary
Ultralife Corporation President and CEO Michael E. Manna stated: "Merging with EnerSys is an exciting next step that will help us unlock value and growth opportunities for both companies, while also bringing considerable and definite cash value to the shareholders of Ultralife. This transaction is a testament to the hard work and dedication of our entire team, and it also opens up greater opportunities for our valued employees. We look forward to working with the EnerSys team to accelerate innovation and better serve our global customer base by leveraging the combined scale, resources, and shared vision."
EnerSys, President and CEO, Shawn O, said: "This acquisition aligns highly with the strategy of EnerSys and will directly advance our strategy to create a broader and more differentiated defense power supply platform. Building on the success of recent acquisitions, Ultralife will expand our portfolio of advanced, reliable, and high-performance power solutions. After the merger, we will be better equipped to support the U.S. Department of Defense (DoW) and allies with leading and cost-effective technologies as we face increasingly electrified battlefields in the future. We are very familiar with the business of Ultralife and its team, and we believe that our shared commitments to engineering, problem-solving, and customer orientation will create a good cultural fit. We look forward to integrating the strengths of both parties to accelerate growth, improve performance, and create greater value for our customers and shareholders."
Transaction details and schedule
EnerSys intends to finance this transaction with cash on hand, therefore it is not subject to financing conditions. The transaction has been unanimously approved by the boards of directors of both companies. According to the merger agreement, EnerSys will initiate a tender offer through a subsidiary to acquire all of Ultralife's outstanding common shares for $16.00 per share in cash, with the total enterprise value at the time of completion of the transaction being approximately $320 million.
The transaction must meet customary delivery conditions, including receiving bids from at least the majority of the issued shares of Ultralife common stock, as well as obtaining the necessary regulatory approvals. The transaction is expected to be completed in the first quarter of 2027. Once completed, Ultralife Corporation common stock will no longer be listed on any public markets.
About Ultralife Corporation
Ultralife is a global leader that provides mission-critical battery, power supply, communication, and computing solutions for the most demanding applications in government/defense, medical, oil and gas, and industrial markets.
The company is headquartered in Newark, New York, and its business segments include batteries and energy products, as well as communication systems. Ultralife has business operations in North America, Europe, and Asia. For more information, please visit www.ultralifecorporation.com.
About EnerSys
EnerSys is a global leader in the field of energy storage solutions, providing batteries, chargers, and other power equipment for industrial, infrastructure, and defense customers to meet critical power and operational needs. The company offers integrated solutions that combine energy storage technology, power electronics, software-enabled intelligence, technical expertise, and comprehensive global customer support. EnerSys supports customers in industries such as communication networks, data centers, energy infrastructure, material handling, transportation, aerospace, and defense – including applications that are crucial for power continuity. EnerSys serves customers in over 100 countries, helping organizations to manage energy more reliably, efficiently, and intelligently in complex operational environments where uptime, safety, and resilience are of paramount importance. For more information, please visit www.enersys.com.
Supplementary information and methods of acquisition
This offer has not yet been initiated. This communication is for informational purposes only and does not constitute an offer to purchase, nor does it constitute an invitation or recommendation to sell Ultralife or any other entity's securities. It also cannot replace any offering documents that Parent, Merger Sub, or Ultralife will submit to the U.S. Securities and Exchange Commission (SEC). A securities purchase invitation and offer will only be issued on the basis of the purchase offer and related materials that Parent and Merger Sub intend to submit to SEC.
Upon the initiation of the offer, Parent and Merger Sub intend to submit a tender offer statement using Form TO to SEC. Subsequently, Ultralife will submit a 14D-9 tender solicitation/suggestion statement regarding this offer to SEC. Shareholders of Ultralife and other investors are urged to read the tender offer materials (including the purchase offer, relevant transfer documents, and several other tender documents), as well as the 14D-9 tender solicitation/suggestion statement, as they contain important information that should be carefully reviewed before making any decisions regarding this offer.
Purchase offers, relevant transfer documents, and several other offer documents, as well as the solicitation/proposal statements for the 14D-9 form, will be sent free of charge to all shareholders of Ultralife. The TO form, 14D-9 form, and other related documents will also be available for free on the SEC website at www.sec.gov. More free copies can be obtained by contacting EnerSys or Ultralife, or by contacting the information agent for this offer, D.F King & Co., Inc.(Free phone: (866) 388-7535). Copies of the documents submitted to Ultralife to SEC can be obtained for free on the Ultralife investor website investor.ultralifecorporation.com. Copies of the documents submitted to EnerSys to SEC can be obtained for free on the EnerSys website www.enersys.com, or by calling (610) 208-1991 to contact EnerSys.
In addition to purchase offers, relevant transfer documents, and several other offer-related documents, as well as the solicitation/proposal statements for the 14D-9 form, EnerSys and Ultralife will both submit annual, quarterly, and current reports, power of attorney, and other information to SEC. These materials are available for public viewing through the SEC website at http :// www.sec.gov.
Forward-looking Statements
This press release contains “forward-looking statements.” These statements relate to future events and are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of EnerSys and Ultralife to differ significantly from those stated or implied in the forward-looking statements. In some cases, forward-looking statements can be identified by words such as “may,” “will,” “can,” “expected,” “planned,” “anticipated,” “believed,” and similar expressions. These statements reflect Ultralife’s current views regarding future events and are based on assumptions that are subject to risk and uncertainty. Given these uncertainties, investors should not rely excessively on these forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding offers, mergers and other transactions contemplated by the merger agreements, the timing of such offers and related transactions, the possibility that transactions may not be completed, the uncertainty of the number of shares that Ultralife’s shareholders will bid in the offer, the possibility of competitive offers, the possibility that various conditions of the transactions may not be met or may be exempted (including any government or regulatory approvals), the expected benefits of the transactions, the integration of Ultralife into EnerSys, future performance and opportunities, operations after the transaction, and the business prospects of EnerSys and Ultralife, as well as any assumptions underlying the aforementioned matters.
Some factors that could lead to significant differences between actual future results and those stated in these forward-looking statements include: (i) uncertainties regarding the timing of the offer and merger; (ii) the risk that the offer or merger may not be completed in a timely manner, or may not be completed at all; (iii) uncertainties regarding the proportion of shares that Ultralife shareholders will bid in the offer; (iv) the possibility of competitive offers or acquisition proposals for Ultralife; (v) the possibility that any or all conditions for completing the offer or merger may not be met or may be waived, including the failure to obtain required regulatory approvals or permits, or that such approvals are subject to conditions, restrictions, or limitations; (vi) the possibility of events, changes, or other circumstances that could result in the termination of the merger agreement, including situations where Ultralife may be required to pay a termination fee or Parent may be required to pay a reverse termination fee; (vii) the impact of the transaction announcement or its status on EnerSys's or Ultralife's ability to retain and hire key personnel, maintain relationships with customers, suppliers, and other business partners, or carry on its business; (viii) the risk that management's attention may be distracted from daily business operations; (ix) the risk that shareholder litigation related to the transaction may result in significant defense, compensation, and liability costs; and (x) other factors listed from time to time by EnerSys and Ultralife in the documents submitted to SEC, including their annual report 10-K and subsequent quarterly reports 10-Q. Any forward-looking statements contained in this document are as of the date of this press release. Except as required by law, Ultralife has no intention of updating any forward-looking statements to reflect events or circumstances that occur thereafter. Investors are advised not to rely excessively on these forward-looking statements.
