NeoVolta ( OTCQB:NEOV ), a provider of energy storage systems, has downsized its proposed initial public offering for the second time in a little over a month.
In its most recent filing, NeoVolta said that it now is looking to offer 1.13M units priced at $4 per unit, which would raise approximately $4.5M . Each unit would consist of one share plus one warrant to buy one share for $4.
Underwriters would be granted a 45-day option to buy up to 169K additional units at the IPO price.
The latest deal has been somewhat downsized from one proposed in a filing on June 23. Under that deal, NeoVolta proposed offering 1.5M units priced between $3.50 and $4.50 per unit, which would have raised $6M if priced at the midpoint. Each unit would have consisted of one share plus two warrants to buy one share apiece.
In a filing made on June 3 , NeoVolta said it was seeking to offer 1.5M units priced between $5 and $7 per unit, which would have raised approximately $9M if priced at the midpoint. Each unit was to consist of one share plus one warrant to buy one share.
NeoVolta’s shares are currently traded OTC under the symbol NEOV. The company hopes to list its shares on Nasdaq under the same symbol.
Based in California, NeoVolta designs, manufactures and sells high-end energy storage systems for commercial and residential sites.
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Energy storage systems provider NeoVolta downsizes IPO again to $4.5M