AUSTIN, TX - Ideal Power Inc. (NASDAQ:IPWR), a developer of semiconductor power switch technology, has announced the pricing of its underwritten public offering of 2 million shares of common stock at $7.50 each. The company has also given the underwriter, Titan Partners Group, an option to purchase up to an additional 300,000 shares under the same terms within 30 days.
The offering is expected to close on March 28, 2024, subject to standard closing conditions. Ideal Power anticipates that the gross proceeds from the offering will be around $15 million, before accounting for underwriting discounts, commissions, and other estimated offering expenses. The net proceeds are intended for general corporate and working capital purposes.
This offering is being conducted under an effective \"shelf\" registration statement previously filed with the Securities and Exchange Commission (SEC) on December 29, 2022, and declared effective on January 9, 2023. The securities are being offered via a prospectus and an accompanying prospectus supplement, part of the registration statement. The final terms will be detailed in a final prospectus supplement to be filed with the SEC.
Ideal Power is known for its patented B-TRAN™ bidirectional semiconductor power switch, which is designed to enhance the efficiency of energy control solutions across various applications, including electric vehicles, renewable energy, and industrial uses.
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