Ideal Power (NASDAQ: IPWR), a company pioneering the development and commercialization of the highly efficient and broadly patented B-TRAN(TM) bidirectional semiconductor power switch, has priced its previously announced underwritten public offering. The offering, which is anticipated to close today, consists of 2,000,000 shares of its common stock (or prefunded warrants in lieu thereof) at $7.50 per share of common stock. The public offering is expected to result in an estimated $15 million in gross proceeds before standard deductions are made. Ideal Power anticipates using the funds for general corporate and working capital purposes. The company also noted that it has granted to the underwriter a 30-day option to purchase up to 300,000 additional shares of common stock on the same terms and conditions. Titan Partners Group, a division of American Capital Partners, is acting as sole book-running manager for the offering.
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About Ideal Power Inc.
Ideal Power is pioneering the development and commercialization of its broadly patented bidirectional semiconductor power switch, creating highly efficient and ecofriendly energy-control solutions for electric vehicle, electric vehicle charging, renewable energy, energy storage, UPS/data center, solid-state circuit breaker and other industrial and military applications. The company is focused on its patented Bidirectional, Bipolar Junction Transistor (“B-TRAN”) semiconductor technology. B-TRAN is a unique double-sided bidirectional AC switch that delivers substantial performance improvements over today’s conventional power semiconductors. Ideal Power’s B-TRAN can reduce conduction and switching losses, complexity of thermal management and operating cost in AC power switching and control circuitry. For more information about the company, visit www.IdealPower.com
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