Ideal Power Announces Public Stock Offering at $7.50 per Share, Reports Investing.com

Ideal Power Announces Public Stock Offering at .50 per Share, Reports Investing.com

© Reuters.

AUSTIN, TX – Ideal Power Inc. (NASDAQ: IPWR), a developer of solid-state power switching technology, announced the pricing of its underwritten public offering of 2 million shares of its common stock at $7.50 each. The company also gave the underwriter, Titan Partners Group, an option to purchase up to 300,000 additional shares under the same conditions within 30 days.

The offering is expected to close on March 28, 2024, subject to standard closing conditions. Ideal Power expects the gross proceeds from the offering to be approximately $15 million, before taking into account underwriting discounts, commissions and other estimated offering expenses. Net proceeds are used for general corporate purposes and working capital.

This offering is being made pursuant to an effective “shelf” registration statement previously filed with the Securities and Exchange Commission (SEC) on December 29, 2022 and declared effective on January 9, 2023. The securities are being offered through a prospectus and an accompanying document. prospectus supplement, an integral part of the registration statement. The final terms will be detailed in a final prospectus supplement to be filed with the SEC.

Ideal Power is known for its patented B-TRAN™ solid-state bi-directional power switch, designed to improve the efficiency of energy control solutions in a variety of applications, including electric vehicles, renewable energy and utility uses. industrial.

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