Ideal Power Announces Reverse Stock Split to Regain NASDAQ Compliance
August 14 2019 - 4:01PM
Ideal Power Inc. (NASDAQ: IPWR), a semiconductor and power
conversion technology company, will effect a one-for-ten reverse
stock split of its outstanding common stock to regain compliance
with the minimum $1.00 bid price per share requirement of Nasdaq's
Marketplace Rule 5550(a)(2).
The company’s common stock will begin trading on
the Nasdaq Capital Market on a split adjusted basis when the market
opens on August 20, 2019 and will continue to trade under the
symbol “IPWR.” At the company’s Annual Meeting of Stockholders held
on July 23, 2019, the company’s stockholders approved a proposal
authorizing the company’s Board of Directors to effect a reverse
stock split in a range of 1:2 to 1:20 to help regain compliance
with the Nasdaq minimum bid price requirement.
The reverse stock split uniformly affects all
issued and outstanding shares of the company’s common stock and
will not alter any stockholder's percentage ownership interest in
the company, except to the extent that the reverse stock split
results in fractional interests. No fractional shares will be
issued in connection with the reverse stock split. Stockholders
will be issued one whole share of common stock in exchange for any
fractional interest that such stockholder would have otherwise
received as a result of the reverse stock split.
The par value of the company’s common stock will
remain unchanged at $0.001 per share after the reverse stock
split.
The reverse stock split will reduce the number
of shares of common stock issued and outstanding from 14,722,840 to
1,472,284 plus any shares to be issued in exchange for fractional
interests. The number of shares of common stock issuable upon
conversion of the outstanding shares of the company’s preferred
stock will be reduced from 810,000 shares to 81,000 shares. The
number of authorized shares of common stock will not be changed by
the reverse stock split.
The reverse stock split proportionately affects
the number of shares of common stock available for issuance under
the company’s equity incentive plans. All options, warrants and
stock awards of the company outstanding immediately prior to the
reverse stock split will be adjusted in accordance with their
terms.
The company’s transfer agent, Corporate Stock
Transfer, Inc. is acting as the exchange agent for the reverse
stock split. CST will provide instructions to stockholders of
record regarding the exchange of stock certificates, as
applicable. Stockholders who hold their shares in brokerage
accounts or “street name” are not required to take any action to
effect the exchange of their shares. Shareholders with questions
may contact our transfer agent by calling 303-282-4800.
About Ideal Power Inc.Ideal
Power (NASDAQ: IPWR) is a semiconductor and power conversion
technology company focused on its patented Bi-directional, Bi-polar
Junction Transistor (B-TRAN™) semiconductor technology. B-TRAN is a
unique double-sided bi-directional AC switch able to deliver
substantial performance improvements over today's conventional
power semiconductors. We believe B-TRAN modules will improve the
efficiency and system economics of a wide variety of power
converter applications including electrified vehicle traction
drives, energy storage applications, photovoltaic (PV) inverters
and wind converters, variable frequency (VFD) motor drives, and AC
and DC power control applications. For more information,
visit www.IdealPower.com.
Safe Harbor StatementAll
statements in this release that are not based on historical fact
are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and the provisions of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. While
management has based any forward-looking statements included in
this release on its current expectations, the information on which
such expectations were based may change. These forward-looking
statements rely on a number of assumptions concerning future events
and are subject to a number of risks, uncertainties and other
factors, many of which are outside of our control that could cause
actual results to materially differ from such statements. Such
risks, uncertainties, and other factors include, but are not
limited to, the successful closing of the sale of our PCS business,
the success of our B-TRAN technology, the success of our strategic
shift and change in corporate focus, whether the patents for our
technology provide adequate protection and whether we can be
successful in maintaining, enforcing and defending our patents, our
inability to predict with precision or certainty the pace of
development and commercialization of our B-TRAN technology, whether
we can continue as a going concern and uncertainties set forth in
our quarterly and annual reports filed with the Securities and
Exchange Commission. Furthermore, we operate in a highly
competitive and rapidly changing environment where new and
unanticipated risks may arise. Accordingly, investors should not
place any reliance on forward-looking statements as a prediction of
actual results. We disclaim any intention to, and undertake no
obligation to, update or revise forward-looking statements.
Ideal Power Investor Relations
Contact: MZ North America Chris Tyson
949-491-8235 IPWR@mzgroup.us www.mzgroup.us
Ideal Power (NASDAQ:IPWR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ideal Power (NASDAQ:IPWR)
Historical Stock Chart
From Sep 2023 to Sep 2024