REDMOND, Ore. - Expion360 Inc. (NASDAQ: XPON), a company specializing in lithium-ion battery power storage solutions, has announced the pricing of its public offering, aiming to raise approximately $10 million before deducting underwriting discounts and other estimated expenses. The offering includes 50 million Common or Pre-Funded Units at $0.20 and $0.199 each, respectively, with additional Series A and B warrants attached.
The proceeds from the offering, expected to close on August 8, 2024, are intended to repay the company's outstanding debt of around $3.4 million and provide working capital for general corporate purposes. Aegis Capital Corp. is the sole bookrunner for the offering, with legal counsel provided by Stradling Yocca Carlson & Rauth LLP and Kaufman & Canoles, P.C.
The offering is based on a registration statement effective as of August 6, 2024, and is made through a prospectus, part of the registration statement available on the SEC's website. The company also granted Aegis Capital Corp. an option to cover over-allotments, if any, up to 15% of the number of securities sold in the offering.
Expion360's products include lithium iron phosphate batteries for recreational vehicles, marine applications, and home energy storage, with plans to expand into industrial applications. This offering follows the company's forward-looking statements, which are subject to various risks and uncertainties, as detailed in their SEC filings. The information presented here is based on a press release statement.
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