Ideal Power to sell 5.291M shares in $30M registered direct offering

Ideal Power (IPWR) announced that it has entered into a definitive agreement with certain institutional investors for the purchase and sale of an aggregate of 5,291,005 shares of common stock priced at the market under Nasdaq rules. The offering is expected to result in gross proceeds of approximately $30M, before deducting offering expenses. The closing of the offering is expected to occur on or about May 18, subject to the satisfaction of customary closing conditions. The company intends to use the net proceeds from these financings to advance commercialization of B-TRAN, including customer design-ins, custom development programs, initial production ramp with strategic partners, and general corporate and working capital purposes. Titan Partners, a division of American Capital Partners, is acting as the sole placement agent for the financing.