Benzinga | Aug 3, 2020 08:40AM EDT

Ideal Power Enters into Early Warrant Exercise Transaction

Ideal Power Inc. (NASDAQ:IPWR) (the "Company" or "Ideal Power") entered into an early warrant exercise transaction with certain of the Company's Series A warrant holders through a letter agreement between the Company and such Series A warrant holders, pursuant to which the Company will raise approximately $2.7 million in gross proceeds. A portion of the proceeds from the transaction will be utilized to fund commercialization and development of the Company's patented Bi-directional, Bi-polar Junction Transistor (B-TRAN(tm)) semiconductor technology. As an incentive for the Series A warrant holders to exercise their Series A warrants early, the holders will be issued new Series C warrants to purchase up to an aggregate of 705,688 shares of the Company's common stock, at an exercise price of $8.90 per share, through a private placement.