Ideal Power Inc. (IPWR) announced that it has priced its underwritten public offering of 2 million shares of its common stock at an offering price of $7.50 per share of common stock.
IPWR closed Monday's regular trading at $8.15 down $1.19 or 12.69%. In the after-hours trading, the stock further dropped $0.01 or 0.12%.
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.
Titan Partners Group, a division of American Capital Partners, is acting as sole book-running manager for the offering.
The company expects the gross proceeds from the offering to be approximately $15 million, before deducting underwriting discounts, commissions and other estimated offering expenses payable by the company.
The company plans to use the net proceeds from the offering for general corporate and working capital purposes.
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