Business
Ideal Power Announces Pricing of Public Offering of Common Stock
AUSTIN, Texas, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Ideal Power Inc. (Nasdaq: IPWR) (the “Company” or “Ideal Power”), pioneering the development and
About this update from Ideal Power Inc.
[{"type":"text","content":"AUSTIN, Texas, Feb. 08, 2021 (GLOBE NEWSWIRE) -- 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 pricing of an underwritten public offering of 1,176,500 shares of its common stock at a public offering price of $17.00 per share, before underwriting discounts and commissions, for an aggregate offering of approximately $20 million. In addition, the Company has granted the underwriter a 30-day option to purchase up to an additional 176,475 shares of its common stock, less underwriting discounts and commissions. The proceeds to the Company from this offering are expected to be approximately $18.35 million after deducting underwriting discounts and commissions and other estimated offering expenses but excluding any exercise of the underwriter’s option. All shares of common stock to be sold in the offering will be offered by the Company. The offering is expected to close on or about February 11, 2021, subject to the satisfaction of customary closing conditions. The Benchmark Company, LLC is acting 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 are being 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. The securities may be offered only by means of a prospectus supplement and accompanying prospectus. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed, and a final prospectus supplement and accompanying prospectus related to the offering will be filed, with the SEC and will be 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, when available, 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@bench...