Business
Ideal Power Enters into Early Warrant Exercise Transaction
AUSTIN, Texas, Aug. 03, 2020 (GLOBE NEWSWIRE) -- 2020, Ideal Power Inc. (Nasdaq: IPWR) (the “Company” or “Ideal Power”) entered into an early warrant exercise
About this update from Ideal Power Inc.
[{"type":"text","content":"AUSTIN, Texas, Aug. 03, 2020 (GLOBE NEWSWIRE) -- 2020, Ideal Power Inc. (Nasdaq: IPWR) (the “Company” or “Ideal Power”) entered into an early warrant exercise transaction with certain of the Company’s Series A warrant holders through a letter agreement between the Company and such Series A warrant holders, pursuant to which the Company will raise approximately $2.7 million in gross proceeds. A portion of the proceeds from the transaction will be utilized to fund commercialization and development of the Company’s patented Bi-directional, Bi-polar Junction Transistor (B-TRAN™) semiconductor technology. As an incentive for the Series A warrant holders to exercise their Series A warrants early, the holders will be issued new Series C warrants to purchase up to an aggregate of 705,688 shares of the Company’s common stock, at an exercise price of $8.90 per share, through a private placement.\n Craig-Hallum Capital Group is acting as the exclusive placement agent for this transaction. The Series C warrants (and shares of common stock underlying the Series C warrants) to be issued in this transaction 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. The issuance of the Series C warrants is exempt from the registration requirements of the Securities Act pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated under the Securities Act. Ideal Power has agreed to file a registration statement with the SEC covering the resale of the shares of common stock underlying the Replacement Warrants. This press release shall not constitute an offer to sell, nor the solicitation of an offer to buy, the securities described herein, nor shall there be any offer, solicitation or sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state. About Ideal Power Inc. Ideal Power (Nasdaq: IPWR) is pioneering the development of its broadly patented bi-directional power switches...