Ideal Power Inc (NASDAQ:IPWR, FRA:5ILA) announced that it has closed its previously announced underwritten public offering and concurrent private placement, raising about $14 million in gross proceeds to support its commercialization efforts.
The Austin, Texas-based company issued about 4.5 million shares of common stock, or pre-funded warrants in lieu thereof, in the public offering. It also completed a private placement of pre-funded warrants to purchase up to roughly 0.6 million additional shares.
The financing was led by the company’s largest existing institutional shareholders, with participation from insiders, including the chief executive officer.
Ideal Power said it plans to use the net proceeds to advance commercialization of its B-TRAN bidirectional semiconductor power switch, including customer design-ins, custom development programs, and an initial production ramp with strategic partners, as well as for general corporate and working capital purposes.
Titan Partners, a division of American Capital Partners, served as sole bookrunner for the financing, while WestPark Capital acted as financial advisor.
Shares of Ideal Power added 16.4% on Thursday morning.