NeoVolta Announces Closing of $3.9 Million Public Offering Priced at a Premium to Market and Uplisting to Nasdaq
August 01 2022 - 2:30PM
NeoVolta, Inc. (“NeoVolta” or the “Company”) (NASDAQ: NEOV,
NEOVW), manufacturer of Smart Energy Storage Solutions,
today announced the closing of its previously announced
underwritten public offering of 975,000 units at a price to the
public of $4.00 per unit. Each unit issued in the offering
consisted of one share of common stock and one warrant to purchase
one share of common stock at an exercise price of $4.00 and an
expiration date of five years from the date of issuance. The common
stock and warrants were immediately separable and were issued
separately. The common stock and warrants began trading on the
Nasdaq Capital Market on July 28, 2022, under the symbols “NEOV”
and “NEOVW,” respectively.
NeoVolta granted the underwriters a 45-day
option to purchase up to an additional 146,250 shares of common
stock and/or an additional 146,250 warrants at the public offering
price to cover over-allotments, of which Maxim Group LLC has
partially exercised its option to purchase such 146,250 warrants to
purchase up to 146,250 shares of common stock. Gross proceeds from
the offering, before deducting underwriting discounts and
commissions and other estimated offering expenses, were $3.9
million, inclusive of the over-allotment.
Maxim Group LLC acted as sole book-running
manager for the offering.
The offering was conducted pursuant to the
Company's registration statement on Form S-1 (File No. 333-264275),
as amended, previously filed with, and subsequently declared
effective by, the Securities and Exchange Commission ("SEC") on
July 27, 2022. A final prospectus relating to the offering was
filed with the SEC and is available on the SEC’s website at
http://www.sec.gov. Electronic copies of the final prospectus
relating to this offering may be obtained from Maxim Group LLC, 300
Park Avenue, 16th Floor, New York, New York 10022, at (212)
895-3745.
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.
About NeoVolta:
NeoVolta designs, develops, and manufactures
utility-bill reducing residential energy storage systems capable of
powering your home even when the grid goes down. With a focus on
safer Lithium-Iron Phosphate (LiFe(PO4)) chemistry, the NV14 is
equipped with a solar rechargeable 14.4 kWh battery system, a
7,680-Watt inverter and a web-based energy management system with
24/7 monitoring. By storing energy instead of sending it back to
the grid, consumers can protect themselves against blackouts, avoid
expensive peak demand electricity rates charged by utility
companies when solar panels aren’t producing, and get one step
closer to grid independence. Customers can expand the NV14’s
capacity to an industry-leading 24.0 kWh with the optional NeoVolta
NV24 add-on battery. NeoVolta has added generator compatibility and
is working on other industry leading improvements that will be
announced soon.
Forward-Looking Statements
Some of the statements in this release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act
of 1934 and the Private Securities Litigation Reform Act of 1995,
which involve risks and uncertainties. Although NeoVolta believes
that the expectations reflected in such forward-looking statements
are reasonable as of the date made, expectations may prove to have
been materially different from the results expressed or implied by
such forward-looking statements. NeoVolta has attempted to identify
forward-looking statements by terminology including ''believes,''
''estimates,'' ''anticipates,'' ''expects,'' ''plans,''
''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,''
''might,'' ''will,'' ''should,'' ''approximately'' or other words
that convey uncertainty of future events or outcomes to identify
these forward-looking statements. These statements are only
predictions and involve known and unknown risks, uncertainties, and
other factors, including those discussed under the "Risk Factors"
section of the prospectus. Any forward-looking statements contained
in this release speak only as of its date. NeoVolta undertakes no
obligation to update any forward-looking statements contained in
this release to reflect events or circumstances occurring after its
date or to reflect the occurrence of unanticipated events.
Contact - Website: http://www.NeoVolta.com
Office: +1 (800)-364-5464Email: IR@NeoVolta.com
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