Recent Updates — ULBI

EnerSys has entered into a definitive Agreement and Plan of Merger to acquire Ultralife Corporation in an all-cash transaction valued at approximately $320 million, including the assumption of net debt. Under the terms approved by both boards, EnerSys will commence a tender offer to purchase all outstanding shares of Ultralife common stock for $16.00 per share, representing a 166% premium to Ultralife’s closing price on October 26, 2026. The transaction is expected to close in the first quarter of calendar year 2027, subject to customary conditions including regulatory approvals and the tender of at least a majority of shares. Upon completion, Ultralife will become a wholly owned subsidiary and its stock will be delisted from NASDAQ. EnerSys expects to realize $15 million to $20 million in annual run-rate cost synergies within 18 months. Ultralife Corporation is a global leader in mission-critical battery, power, communications, and compute solutions for government, defense, medical, oil & gas, and industrial markets.

Ultralife Corporation reported second quarter 2026 financial results with revenue of $47.9 million, a slight decrease from $48.6 million in the prior year period. Gross profit improved to $13.9 million (28.9% margin) compared to $11.6 million (23.9%) last year, aided by a $1.1 million IEEPA refund and favorable sales mix. Operating income rose to $3.4 million from $2.3 million, while GAAP EPS increased to $0.15 from $0.05. Adjusted EBITDA reached $6.1 million against $4.1 million in the prior year. The company ended the quarter with a record backlog of $117.5 million. Ultralife Corporation operates in the defense and commercial sectors, providing battery, energy products, and communications systems.