Ideal Power Announces Proposed Public Offering of Common Stock
February 08 2021 - 4:01PM
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 that it has commenced an underwritten
public offering of shares of its common stock. The Company expects
to grant the underwriters a 30-day option to purchase up to an
additional 15% of the shares of common stock offered in the public
offering. All shares of common stock to be sold in the offering
will be offered by the Company. The offering is subject to market
conditions, and there can be no assurance as to whether or when the
offering may be completed, or the actual size or terms of the
offering.
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.
A preliminary prospectus supplement and accompanying prospectus
relating to the offering will be filed with the SEC and will be
available on the SEC’s website at http://www.sec.gov. Copies of the
preliminary prospectus supplement and accompanying prospectus
relating to the offering can be obtained 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 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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