AUSTIN: Ideal Power Inc. announced the pricing of an underwritten public offering of 1,176,500 shares of its common stock at a public offering price of $17 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.
Ideal Power (NASDAQ: IPWR) is pioneering the development of its broadly patented bi-directional power switches, creating highly efficient and ecofriendly energy control solutions for electric vehicle, electric vehicle charging, renewable energy, energy storage, UPS / data center and other industrial and military applications.
The Company is focused on its patented Bi-directional, Bi-polar Junction Transistor (B-TRAN) semiconductor technology. B-TRAN is a unique double-sided bi-directional AC switch able to deliver substantial performance improvements over today’s conventional power semiconductors.
(GLOBE NEWSWIRE)