Ideal Power Inc. announced that it has priced its previously announced underwritten public offering of 2,000,000 shares of its common stock (or pre-funded warrants in lieu thereof) at an offering price of $7.50 per share of common stock. Ideal Power has granted the underwriter a 30-day option to purchase up to 300,000 additional shares of its common stock on the same terms and conditions. The Company expects to close the offering on March 28, 2024, subject to customary conditions.
Titan Partners Group, a division of American Capital Partners, is acting as sole book-running manager for the offering.
The gross proceeds to the Company from the offering are expected to be approximately $15 million, before deducting underwriting discounts, commissions and other estimated offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for general corporate and working capital purposes.
The offering is being made pursuant to an effective “shelf” registration statement on Form S-3 (File No. 333-269060) previously filed with the Securities and Exchange Commission (the “SEC”) on December 29, 2022, and declared effective by the SEC on January 9, 2023.
The securities may be offered only by means of a prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering have been filed with the SEC. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.
Electronic copies of the final prospectus supplement and the accompanying prospectus relating to the offering, when available, may be obtained by visiting the SEC’s website at www.sec.gov or by contacting Titan Partners Group, LLC, a division of American Capital Partners, LLC, 4 World Trade Center, 29th Floor, New York, New York 10007, by phone at (929) 833-1246 or by email at prospectus@titanpartnersgrp.com.
Original – Ideal Power