Ideal Power Inc. Announces Exercise of Underwriters' Over-Allotment Option
04 Dezember 2013 - 2:00PM
Marketwired
Ideal Power Inc. Announces Exercise of Underwriters' Over-Allotment
Option
AUSTIN, TX--(Marketwired - Dec 4, 2013) - Ideal Power Inc.
(NASDAQ: IPWR) today announced that the underwriters for its
initial public offering exercised their entire over-allotment
option to purchase an additional 450,000 shares of the Company's
common stock.
MDB Capital Group LLC acted as the Managing Underwriter and
Northland Capital Markets acted as the Co-Managing Underwriter for
the offering.
Total gross proceeds of the Company's public offering, including
the over-allotment, were $17,250,000. Ideal Power now has
approximately 6.6 million shares outstanding.
The Company sold the securities described above pursuant to a
registration statement previously filed and declared effective by
the Securities and Exchange Commission. This press release does not
constitute an offer to sell or a solicitation of an offer to buy
these securities, nor shall there be any sale of these securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. Copies of the final
prospectus relating to this offering may be obtained from: MDB
Capital Group LLC, 401 Wilshire Boulevard, Suite 1020, Santa Monica
CA 90401; (310) 526-5000.
About Ideal Power Inc.
Ideal Power Inc. (NASDAQ: IPWR) is developing a novel, patented
power conversion technology called Power Packet Switching
Architecture™ (PPSA). PPSA improves the size, cost,
efficiency, flexibility and reliability of electronic power
converters. PPSA can scale across several large and growing
markets, including solar photovoltaic generation, electrified
vehicle charging, and commercial grid storage. Ideal Power has
a licensing-based, capital-efficient business model that can enable
it to address these markets simultaneously. Ideal Power has won
multiple grants for its PPSA technology, including a $2.5 million
grant from the Department of Energy's Advanced Research Projects
Agency - Energy program, and market-leading customers are
incorporating PPSA as a key component of their systems. For
more information on Ideal Power, visit www.IdealPower.com.
About MDB Capital Group
MDB Capital Group is Wall Street's only IP-focused investment
bank, with over 15 years of experience launching development stage
disruptive technology companies into the public markets. MDB
maximizes the value of disruptive technology companies by
positioning them to attract growth capital, strengthening their
patent portfolios to create sustainable competitive advantages, and
connecting them with a base of high-quality investors with deep
technology expertise. For more information on MDB Capital Group,
visit www.mdb.com.
About Northland Capital Markets
Northland Capital Markets, a division of Northland Securities,
Inc., is a full-service investment bank focused on growth companies
and institutional investors. The division's equity research team
provides in-depth, idea driven research on small and mid-cap
companies in growth sectors of the economy. Northland's
professionals have industry expertise in Business Services,
Consumer, Energy, Healthcare, Industrial Growth, and Technology.
The firm's institutional sales and trading team leverages its
research to provide timely ideas and insights for institutional
investors. Northland's investment banking group provides companies
with access to capital and M&A advisory services.
Safe Harbor Statement
All statements in this release that are not based on historical
fact are "forward looking statements". While management has based
any forward looking statements included in this release on its
current expectations, the information on which such expectations
were based may change. These forward looking statements rely on a
number of assumptions concerning future events and are subject to a
number of risks, uncertainties and other factors, many of which are
outside of our control, that could cause actual results to
materially differ from such statements. Such risks,
uncertainties, and other factors include, but are not limited to,
whether the patents for our technology provide adequate protection
and whether we can be successful in maintaining, enforcing and
defending our patents, whether demand for our products, which we
believe are disruptive, will develop and whether we can compete
successfully with other manufacturers and suppliers of energy
conversion products, both now and in the future, as new products
are developed and marketed. Furthermore, we operate in a
highly competitive and rapidly changing environment where new and
unanticipated risks may arise. Accordingly, investors should
not place any reliance on forward-looking statements as a
prediction of actual results. We disclaim any intention to,
and undertake no obligation to, update or revise forward-looking
statements.
Ideal Power Media Contact: Mercom Communications Wendy Prabhu
1.512.215.4452 Email Contact www.mercomcapital.com Investor
Relations Contact: MZ North America Matt Hayden 1.949.259.4986
Email Contact www.mzgroup.us
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