NeoVolta Inc. (NASDAQ: NEOV), a U.S.-based energy technology company delivering scalable storage, today announced that it has entered into a definitive agreement for the purchase and sale of an aggregate of 2,100,841 shares of common stock at a purchase price of $4.76 per share in a registered direct offering.
The closing of the registered direct offering is expected to occur on or about January 26, subject to the satisfaction of customary closing conditions.
Needham & Company acted as sole placement agent in the registered direct offering.
The aggregate gross proceeds to the Company from the offering are expected to be approximately $10 million, before deducting offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.
NeoVolta designs and manufactures advanced energy storage systems that enable homeowners and businesses to achieve energy independence and sustainability.
NEOV shares leaped 59 cents, or 10.2%, to $6.39.
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