Turbo Energy, S.A. Announces Pricing of Initial Public Offering

Valencia, Spain, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Turbo Energy, S.A. (Nasdaq: TURB) (the “Company”), a company engaged in the design, development, and production of equipment for the generation, management, and storage of photovoltaic (“PV”) energy, announced today the pricing of its initial public offering of 1,000,000 American Depositary Shares (“ADSs”), representing 5,000,000 ordinary shares, at a price of $5.00 per ADS to the public for a total of $5,000,000 of gross proceeds to the Company, before deducting underwriting discounts and offering expenses (the “Offering”).

The Company has granted a 45-day option to the underwriters to purchase up to 150,000 additional ADSs representing 15% of the ADSs sold in this offering, solely to cover over-allotments, if any, less the underwriting discount. All of the ADSs are being offered by the Company. The ADSs are expected to begin trading on the Nasdaq Capital Market tomorrow, September 22, 2023, under the symbol "TURB." The Offering is expected to close on September 26, 2023, subject to customary closing conditions.

Titan Partners Group, a division of American Capital Partners, LLC, is acting as lead underwriter for the Offering. Boustead Securities, LLC is acting as the representative of the underwriters.

The Offering is being made only by means of a prospectus, forming part of the effective registration statement. A copy of the final prospectus related to the Offering may be obtained, when available, from Titan Partners Group, a division of American Capital Partners, LLC, 7 World Trade Center, Floor 46, New York, NY 10006, Attention: Syndicate Department, or via email at [e-mail] or telephone at [phone]. In addition, a copy of the final prospectus, when available, relating to the Offering may be obtained via the SEC's website at www.sec.gov. 

A registration statement on Form F-1, as amended (File No. 333-273198) relating to these securities was filed with the Securities and Exchange Commission and was declared effective on September 21, 2023. 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.