Offering sells 3 million common shares with $2.25 million greenshoe
By Devika Patel
Knoxville, Tenn., Nov. 25 - Ideal Power Inc. priced a $15 million initial public offering of stock with a $2.25 million greenshoe in a prospectus filed Monday with the Securities and Exchange Commission.
The company will sell 3 million common shares at $5.00 per share.
The deal is being conducted by joint bookrunning managers MDB Capital Group, LLC and Northland Capital Markets.
Settlement is expected Nov. 27.
Proceeds will be used for product research, development and commercialization, for protection of intellectual property, to purchase equipment and software and for general corporate purposes.
The Spicewood, Texas, company develops power converters. It expects the shares to trade on the Nasdaq under the symbol "IPWR."
| Issuer: | Ideal Power Inc.
|
| Issue: | Common stock
|
| Amount: | $15 million
|
| Greenshoe: | $2.25 million
|
| Shares: | 3 million
|
| Price: | $5.00
|
| Warrants: | No
|
| Bookrunners: | MDB Capital Group, LLC and Northland Capital Markets
|
| Pricing date: | Nov. 25
|
| Settlement date: | Nov. 27
|
| Stock exchange: | Nasdaq: IPWR
|
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