Expion360 Announces Pricing of $10 Million Underwritten Public Offering
Summary
The Company intends to use the net proceeds from the Offering to fully repay the Companys outstanding debt of approximately $3.4 million, including an aggregate of approximately $0.7 million due to stockholders under certain unsecured promissory note agreements and approximately $2.7 million due under the senior convertible note issued to 3i, LP, as well as for working capital and general corporate purposes.In addition, the Company has granted Aegis Capital Corp. a 45-day option to purchase additional shares of Common Stock and/or Pre-Funded Warrants and/or Common Warrants, representing up to 15% of the number of securities sold in the Offering, solely to cover over-allotments, if any.The closing of the Offering is expected to occur on August 8, 2024, subject to the satisfaction of customary closing conditions.Aegis Capital Corp. acted as the Sole Bookrunner for the Offering. Before investing in this Offering, interested parties should read in their entirety the registration statement and the preliminary prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such registration statement and the preliminary prospectus, which provide more information about the Company and the Offering.This press release shall not constitute an offer to sell or a 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 other jurisdiction.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.This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as anticipates, believes, estimates, expects, intends, may, plans, projects, seeks, should, suggest, will, and similar expressions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.