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Ideal Power Announces Pricing of Public Offering of Common Stock
Ideal Power Inc.February 9, 2021 GMT
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.