Lithium battery maker Expion360 (XPON) said it intends to raise around $18M through an initial public offering amid heightened investor interest in green energy solutions.
The Oregon-based company said in a filing that it plans to offer 2.2M shares priced in the range of $7 to $9 per share. Underwriters will be given an option to purchase up to 323K additional shares to cover any overallotments.
Expion360 plans to list its shares on Nasdaq under the symbol XPON. Paulson Investment and Alexander Capital are serving as joint bookrunners.
The company said it expects to receive net proceeds of around $15.3M from the deal, if the underwriter’s option is exercised in full and shares are priced at $8 per share.
Expion360 manufactures and markets lithium iron phosphate battery packs and accessories for RVs and boats. The company sees its products as a greener alternative to the lead acid batteries currently used for those vehicles as they offer greater energy storage capacity.
The company sells its battery solutions through RV and marine retailers. Expion360 added that it plans to expand into the home energy storage and industrial markets.
For 2021, Expion360 reported a net loss of $4.7M on revenue of $4.5M. Expion360 first filed to hold an IPO in January 2021.
Source : https://seekingalpha.com/news/3812264-lithium-battery-maker-expion360-sets-ipo-terms-amid-increased-demand-for-green-energy-solutions