Expion360 (NASDAQ: XPON), a lithium-ion battery power storage solutions company, has closed on a firm commitment underwritten public offering. According to the announcement, the offering is estimated to result in $10 million gross proceeds before standard deductions. The offering is comprised of 50,000,000 common units or prefunded units, with each unit consisting of one share of XPON common stock or one prefunded warrant to purchase one share of common stock, two Series A warrants each to purchase one share of common stock, and one Series B warrant to purchase such number of shares of common stock as determined in the Series B warrant.
Expion360 anticipates using the funds from the offering to fully repay its outstanding debt as well as for working capital and general corporate purposes.
Aegis Capital Corp. acted as sole bookrunner for the offering. Expion360 granted Aegis Capital a 45-day option to purchase additional shares of common stock and/or prefunded warrants and/or common warrants solely to cover overallotments, if any.
To view the full press release, visit https://ibn.fm/JedDu
About Expion360 Inc.
Expion360 designs, assembles, manufactures and sells lithium iron phosphate (LiFePO4) batteries and supporting accessories for recreational vehicles, marine applications and home-energy storage products with plans to expand into industrial applications. For more information about the company, visit www.Expion360.com.
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