Ideal Power Announces Completion of Public Offering of Common Stock and Full Exercise of Underwriter’s Option to Purchase A...
12 Februar 2021 - 2:30PM
Ideal Power Inc. (Nasdaq: IPWR) (the “Company” or “Ideal Power”) ,
pioneering the development and commercialization of highly
efficient and broadly patented B-TRAN™ bi-directional power
switches, today announced the closing of an underwritten public
offering of 1,352,975 shares of its common stock, which included
176,475 shares that were issued pursuant to the full exercise of
the underwriter’s option to purchase additional shares, at a public
offering price of $17.00 per share, before underwriting discounts
and commissions, for an aggregate offering of approximately $23
million. The proceeds to the Company from this offering are
expected to be approximately $21.1 million after deducting
underwriting discounts and commissions and other estimated offering
expenses.
The Benchmark Company, LLC acted as sole
book-running manager for the offering. The Company intends to use
the net proceeds from the offering to fund commercialization and
development of its B-TRAN™ semiconductor technology and general
corporate and working capital purposes.
The securities described above were offered by the
Company pursuant to a shelf registration statement on Form S-3
(File No. 333-250844) that was declared effective by the Securities
and Exchange Commission (the “SEC”) on December 2, 2020.
A final prospectus supplement and accompanying
prospectus related to the offering was filed with the SEC on
February 10, 2021 and is available for free on the SEC’s website at
http://www.sec.gov. Copies of the final prospectus supplement and
accompanying prospectus relating to the offering can be obtained by
contacting: The Benchmark Company, LLC, Attention: Prospectus
Department, 150 E. 58th Street, 17th Floor, New York, NY 10155, by
calling (212) 312-6700 or by e-mail at
prospectus@benchmarkcompany.com.
This press release does not constitute an offer to
sell or the solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Ideal Power Inc.
Ideal Power (NASDAQ: IPWR) is pioneering the
development of its broadly patented bi-directional power switches,
creating highly efficient and ecofriendly energy control solutions
for electric vehicle, electric vehicle charging, renewable energy,
energy storage, UPS / data center and other industrial and military
applications. The Company is focused on its patented
Bi-directional, Bi-polar Junction Transistor (B-TRAN™)
semiconductor technology. B-TRAN™ is a unique double-sided
bi-directional AC switch able to deliver substantial performance
improvements over today's conventional power semiconductors. Ideal
Power believes B-TRAN™ modules will reduce conduction and switching
losses, complexity of thermal management and operating cost in
medium voltage AC power switching and control circuitry. For more
information, visit www.IdealPower.com.
Forward-Looking Statements
All statements in this release that are not based
on historical fact are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995 and
the provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding Ideal Power’s intended use
of proceeds from the offering. While Ideal Power’s 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 Ideal Power’s control that
could cause actual results to materially differ from such
statements. Such risks, uncertainties, and other factors include,
but are not limited to, the risks and uncertainties associated with
market conditions, as well as risks and uncertainties set forth in
Ideal Power’s quarterly, annual and other reports filed with the
SEC. Furthermore, Ideal Power operates 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. Ideal
Power disclaims any intention to, and undertake no obligation to,
update or revise forward-looking statements.
Ideal Power Investor Relations
Contact: LHA Investor RelationsCarolyn Capaccio, CFA;
Keith FetterT: 212-838-3777IdealPowerIR@lhai.com
Source: Ideal Power Inc.
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