Ideal Power Inc. Announces Closing of $15 Million Public Offering

AUSTIN, TX / ACCESSWIRE / March 28, 2024 / Ideal Power Inc. (NASDAQ:IPWR) ("Ideal Power," the "Company," "we," "us" or "our"), pioneering the development and commercialization of the highly efficient and broadly patented B-TRAN bidirectional semiconductor power switch, announced today the closing of its previously announced underwritten public offering of 2,000,000 shares of its common stock (or pre-funded warrants in lieu thereof) at an offering price of $7.50 per share of common stock.

Titan Partners Group, a division of American Capital Partners, acted as sole book-running manager for the offering.

The gross proceeds to the Company from the offering were approximately $15 million, before deducting underwriting discounts, commissions and other estimated offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for general corporate and working capital purposes.

The offering was made pursuant to an effective "shelf" registration statement on Form S-3 (File No. 333-269060) previously filed with the Securities and Exchange Commission (the "SEC") on December 29, 2022, and declared effective by the SEC on January 9, 2023. A final prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering were filed with the SEC on March 27, 2024. Electronic copies of the final prospectus supplement and the accompanying prospectus relating to the offering, may be obtained by visiting the SEC's website at www.sec.gov or by contacting Titan Partners Group LLC, a division of American Capital Partners, LLC, 4 World Trade Center, 29th Floor, New York, New York 10007, by phone at [phone] or by email at [e-mail].

This press release does 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 other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Ideal Power Inc.

Ideal Power (NASDAQ:IPWR) is pioneering the development and commercialization of its broadly patented bidirectional semiconductor power switch, creating highly efficient and ecofriendly energy control solutions for electric vehicle, electric vehicle charging, renewable energy, energy storage, UPS/data center, solid-state circuit breaker and other industrial and military applications. The Company is focused on its patented Bidirectional, Bipolar Junction Transistor (B-TRAN) semiconductor technology. B-TRAN is a unique double-sided bidirectional AC switch that delivers substantial performance improvements over today's conventional power semiconductors. Ideal Power's B-TRAN can reduce conduction and switching losses, complexity of thermal management and operating cost in AC power switching and control circuitry. For more information, visit the Company's website at www.IdealPower.com, on LinkedIn, on Twitter, and on Facebook.