Flux Power Announces $15 Million Registered Direct Offering Priced at a Premium to Market
September 23 2021 - 7:58AM
Business Wire
Flux Power Holdings, Inc. (Nasdaq: FLUX), a developer of
advanced lithium-ion battery packs for commercial and industrial
equipment, today announced that it has entered into securities
purchase agreements with several institutional investors, for the
purchase and sale of 2,142,860 shares of its common stock and
warrants to purchase up to an aggregate of 1,071,430 shares of
common stock, at a purchase price of $7.00 per share and associated
warrant, in a registered direct offering priced at-the-market under
Nasdaq rules. The registered direct offering is expected to close
on or about September 27, 2021, subject to the satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the registered direct offering.
The warrants have an exercise price equal to $7.00 per share,
will be exercisable immediately upon issuance and will expire five
years from the issuance date.
The gross proceeds from the registered direct offering are
expected to be approximately $15.0 million, before deducting
placement agent’s fees and other offering expenses. Flux Power
currently intends to use the net proceeds from this registered
direct offering for general corporate and working capital
purposes.
The securities described above are being offered and sold by
Flux Power pursuant to a “shelf” registration statement on Form S-3
(File No. 333-249521), including a base prospectus, previously
filed with the Securities and Exchange Commission (the “SEC”) on
October 16, 2020 and declared effective by the SEC on October 26,
2020. The registered direct offering of the securities is being
made only by means of a prospectus supplement that forms a part of
the effective registration statement. A final prospectus supplement
and an accompanying base prospectus relating to the securities
being offered in the registered direct offering will be filed with
the SEC and will be available on the SEC's website located at
http://www.sec.gov. Electronic copies of the prospectus supplement
and the accompanying base prospectus may also be obtained by
contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at
placements@hcwco.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, 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 Flux Power Holdings, Inc. (www.fluxpower.com)
Flux Power designs, develops, manufactures, and sells advanced
lithium-ion energy storage solutions for lift trucks, and other
industrial equipment including airport ground support equipment
(GSE), solar energy storage, and other commercial applications. Our
“LiFT Pack” battery packs, including our proprietary battery
management system (BMS) and telemetry, provide our customers with a
better performing, lower cost of ownership, and more
environmentally friendly alternative, in many instances, to
traditional lead acid and propane-based solutions.
Flux, Flux Power, and associated logos are trademarks of Flux
Power Holdings, Inc. All other third-party brands, products,
trademarks, or registered marks are the property of and used to
identify the products or services of their respective owners.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains projections and other
“forward-looking statements” relating to Flux Power’s business,
that are often identified by the use of “believes,” “expects” or
similar expressions. Forward-looking statements involve a number of
estimates, assumptions, risks and other uncertainties, including
market and other conditions, that may cause actual results to be
materially different from those anticipated, believed, estimated,
expected, etc. Such forward-looking statements in this press
release include but is not limited to our ability to satisfy the
closing conditions of the registered direct offering and the timing
of the closing and the intended use of proceeds from the registered
direct offering as well as development and success of new products,
projected sales, failure to realize sales expected from backlog of
orders and contracts; Flux Power’s ability to timely obtain UL
Listing for its products, Flux Power’s ability to fund its
operations, distribution partnerships and business opportunities
and the uncertainties of customer acceptance of current and new
products. Actual results could differ from those projected due to
numerous factors and uncertainties. Although Flux Power believes
that the expectations, opinions, projections, and comments
reflected in these forward-looking statements are reasonable, they
can give no assurance that such statements will prove to be
correct, and that the Flux Power’s actual results of operations,
financial condition and performance will not differ materially from
the results of operations, financial condition and performance
reflected or implied by these forward-looking statements. Undue
reliance should not be placed on the forward-looking statements and
Investors should refer to the risk factors outlined in our Form
10-K, 10-Q and other reports filed with the SEC and available at
www.sec.gov/edgar. These forward-looking statements are made as of
the date of this news release, and Flux Power assumes no obligation
to update these statements or the reasons why actual results could
differ from those projected, except as provided by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210923005409/en/
Media & Investor Relations: Justin Forbes
877-505-3589 info@fluxpower.com
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