AUSTIN, Texas, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Ideal Power Inc. (Nasdaq: IPWR), pioneering the development and commercialization of highly efficient and broadly patented B-TRAN™ bi-directional power switches, today announced the closing of an underwritten public offering of 1,352,975 shares of its common stock, which included 176,475 shares that were issued pursuant to the full exercise of the underwriter’s option to purchase additional shares, at a public offering price of $17.00 per share, before underwriting discounts and commissions, for an aggregate offering of approximately $23 million. The proceeds to the Company from this offering are expected to be approximately $21.1 million after deducting underwriting discounts and commissions and other estimated offering expenses.
The Benchmark Company, LLC acted 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.
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.
