Business
Ideal Power Announces $3.5 Million Private Placement
AUSTIN, Texas, Nov. 08, 2019 (GLOBE NEWSWIRE) -- Ideal Power Inc. (“Ideal Power”) (Nasdaq: IPWR), which is pioneering the development and commercialization of
About this update from Ideal Power Inc.
[{"type":"text","content":"AUSTIN, Texas, Nov. 08, 2019 (GLOBE NEWSWIRE) -- Ideal Power Inc. (“Ideal Power”) (Nasdaq: IPWR), which is pioneering the development and commercialization of highly efficient and broadly patented B-TRAN™ bi-directional power switches, today announced that it has entered into definitive agreements with certain institutional and accredited investors, including Dr. Lon E. Bell, Chief Executive Officer and Chairman of the Board of Ideal Power, for a private placement of Ideal Power’s common stock (or common stock equivalents) and warrants to purchase common stock for aggregate gross proceeds of $3.5 million (the “Offering”). The Offering is expected to close on or about November 13, 2019, subject to the satisfaction of customary closing conditions.\n In the Offering, Ideal Power has agreed to sell an aggregate of approximately 1,413,400 shares of common stock (or common stock equivalents) at a price of $2.4763 per share (or common stock equivalent). Ideal Power will also issue to the investors warrants to purchase up to an aggregate of approximately 1,766,750 shares of common stock at an exercise price of $2.32 per share that are immediately exercisable and will expire five years from the issuance date. Ideal Power intends to use the net proceeds from this Offering for working capital and general corporate purposes. Craig-Hallum Capital Group is acting as exclusive placement agent in connection with the Offering. The shares of common stock and warrants (and shares of common stock underlying the warrants) issued in the Offering have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the “SEC”) or an applicable exemption from such registration requirements. Pursuant to a registration rights agreement, Ideal Power has agreed to file a registration statement with the SEC to register the resale of the shares of common stock and the shares of common stock issuable upon exercise of the warrants issued in the Offering within 30 days of the closing of the Offering. This press release shall 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 other jurisdiction in wh...