Deal sells shares via MDB Capital Group with $1.88 million greenshoe
By Devika Patel
Knoxville, Tenn., Aug. 6 - Ideal Power Inc. priced its $12.5 million initial public offering of stock with a $1.88 million greenshoe in a Form S-1 filed Tuesday with the Securities and Exchange Commission. It expects the shares to trade on the Nasdaq under the symbol "IPWR."
The company will sell 2.5 million common shares at $5.00 per share on a firm-commitment basis.
MDB Capital Group, LLC is the underwriter.
Proceeds will be used for product research, development and commercialization, intellectual property protection, equipment and software purchases and general corporate purposes.
The developer of electronic technology is based in Spicewood, Texas.
| Issuer: | Ideal Power Inc.
|
| Issue: | Common stock
|
| Amount: | $12.5 million
|
| Greenshoe: | $1,875,000
|
| Shares: | 2.5 million
|
| Price: | $5.00
|
| Warrants: | No
|
| Underwriter: | MDB Capital Group, LLC
|
| Pricing date: | Aug. 6
|
| Stock exchange: | Nasdaq: IPWR
|
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