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Flux Power Announces Closing of $15 Million Registered Direct Offering Priced at a Premium to Market
VISTA, Calif.--(BUSINESS WIRE)-- Flux Power Holdings, Inc. (Nasdaq: FLUX), a developer of advanced lithium-ion battery packs for commercial and industrial
About this update from Flux Power Holdings, Inc.
[{"type":"text","content":" VISTA, Calif.--(BUSINESS WIRE)--\nFlux Power Holdings, Inc. (Nasdaq: FLUX), a developer of advanced lithium-ion battery packs for commercial and industrial equipment, today announced that it has closed on its previously announced registered direct offering, priced at-the-market under Nasdaq rules, for the sale of 2,142,860 shares of its common stock and warrants to purchase up to an aggregate of 1,071,430 shares of common stock, at a purchase price of $7.00 per share and associated warrant. The associated warrants have an exercise price equal to $7.00 per share, are exercisable immediately upon issuance and expire on September 28, 2026.\n\nH.C. Wainwright & Co. acted as the exclusive placement agent for the registered direct offering.\n\nThe gross proceeds from the registered direct offering were approximately $15.0 million before deducting placement agent fees and other offering expenses. Flux Power currently intends to use the net proceeds from this registered direct offering for general corporate and working capital purposes.\n\nThe securities described above were offered and sold by Flux Power pursuant to a “shelf” registration statement on Form S-3 (File No. 333-249521), including a base prospectus, previously filed with the Securities and Exchange Commission (the “SEC”) on October 16, 2020 and declared effective by the SEC on October 26, 2020. The registered direct offering of the securities was made by means of a prospectus supplement that forms a part of the effective registration statement. A final prospectus supplement and an accompanying base prospectus relating to the securities being offered in the registered direct offering were filed with the SEC and are available on the SEC's website located at http://www.sec.gov. Electronic copies of the prospectus supplement and the accompanying base prospectus may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at [email protected].\n\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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.\n\nAbout Flux...