NeoVolta Announces Closing of $3.9 Million Public Offering Priced at a Premium to Market and Uplisting to Nasdaq
NeoVolta has successfully closed an underwritten public offering of 975,000 units at $4.00 per unit, generating gross proceeds of approximately $3.9 million. Each unit comprises one share of common stock and one warrant exercisable at $4.00 for five years. The offering, which included an over-allotment option, was led by Maxim Group LLC. The common stock and warrants began trading on the Nasdaq under the symbols 'NEOV' and 'NEOVW' on July 28, 2022. This capital will support NeoVolta’s manufacturing of energy storage systems, enhancing its operational capacity.
- Gross proceeds of approximately $3.9 million from the capital raise.
- Funds intended to support manufacturing of energy storage systems.
- Increased liquidity for future business initiatives.
- Potential dilution of existing shareholders due to the offering.
- Market uncertainty regarding the timing of realizing gains from the capital raised.
SAN DIEGO, Aug. 01, 2022 (GLOBE NEWSWIRE) -- NeoVolta, Inc. (“NeoVolta” or the “Company”) (NASDAQ: NEOV, NEOVW), manufacturer of Smart Energy Storage Solutions, today announced the closing of its previously announced underwritten public offering of 975,000 units at a price to the public of
NeoVolta granted the underwriters a 45-day option to purchase up to an additional 146,250 shares of common stock and/or an additional 146,250 warrants at the public offering price to cover over-allotments, of which Maxim Group LLC has partially exercised its option to purchase such 146,250 warrants to purchase up to 146,250 shares of common stock. Gross proceeds from the offering, before deducting underwriting discounts and commissions and other estimated offering expenses, were
Maxim Group LLC acted as sole book-running manager for the offering.
The offering was conducted pursuant to the Company's registration statement on Form S-1 (File No. 333-264275), as amended, previously filed with, and subsequently declared effective by, the Securities and Exchange Commission ("SEC") on July 27, 2022. A final prospectus relating to the offering was filed with the SEC and is available on the SEC’s website at http://www.sec.gov. Electronic copies of the final prospectus relating to this offering may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022, at (212) 895-3745.
This press release shall 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 NeoVolta:
NeoVolta designs, develops, and manufactures utility-bill reducing residential energy storage systems capable of powering your home even when the grid goes down. With a focus on safer Lithium-Iron Phosphate (LiFe(PO4)) chemistry, the NV14 is equipped with a solar rechargeable 14.4 kWh battery system, a 7,680-Watt inverter and a web-based energy management system with 24/7 monitoring. By storing energy instead of sending it back to the grid, consumers can protect themselves against blackouts, avoid expensive peak demand electricity rates charged by utility companies when solar panels aren’t producing, and get one step closer to grid independence. Customers can expand the NV14’s capacity to an industry-leading 24.0 kWh with the optional NeoVolta NV24 add-on battery. NeoVolta has added generator compatibility and is working on other industry leading improvements that will be announced soon.
Forward-Looking Statements
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Although NeoVolta believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. NeoVolta has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under the "Risk Factors" section of the prospectus. Any forward-looking statements contained in this release speak only as of its date. NeoVolta undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
Contact -
Website: http://www.NeoVolta.com
Office: +1 (800)-364-5464
Email: IR@NeoVolta.com
FAQ
What was the total amount raised in NeoVolta's public offering?
What is included in each unit sold in the NeoVolta offering?
What is the exercise price and expiration date for the warrants?
When did NeoVolta's common stock and warrants start trading?
Who served as the book-running manager for NeoVolta's offering?
