Ideal Power Announces Pricing of Public Offering of Common Stock
February 08 2021 - 8:07PM
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@benchmarkcompany.com.
This press release does 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 jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Ideal Power Inc.
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. Ideal
Power believes B-TRAN™ modules will reduce conduction and switching
losses, complexity of thermal management and operating cost in
medium voltage AC power switching and control circuitry. For more
information, visit www.IdealPower.com.
Forward-Looking Statements
All statements in this release that are not based on historical
fact are “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 and the provisions
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
including statements regarding Ideal Power’s expectations with
respect to its proposed offering, the anticipated net proceeds from
the offering and its intended use of proceeds from the offering.
While Ideal Power’s management has based any forward-looking
statements included in this release on its current expectations,
the information on which such expectations were based may change.
These forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of risks,
uncertainties and other factors, many of which are outside of Ideal
Power’s control that could cause actual results to materially
differ from such statements. Such risks, uncertainties, and other
factors include, but are not limited to, the risks and
uncertainties associated with market conditions and the
satisfaction of customary closing conditions related to the
proposed public offering, as well as risks and uncertainties set
forth in Ideal Power’s quarterly, annual and other reports filed
with the SEC. Furthermore, Ideal Power operates in a highly
competitive and rapidly changing environment where new and
unanticipated risks may arise. Accordingly, investors should not
place any reliance on forward-looking statements as a prediction of
actual results. Ideal Power disclaims any intention to, and
undertake no obligation to, update or revise forward-looking
statements.
Ideal Power Investor Relations
Contact: LHA Investor RelationsCarolyn Capaccio, CFA;
Keith FetterT: 212-838-3777IdealPowerIR@lhai.com
Source: Ideal Power Inc.
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