Ideal Power Inc. Files 8-K for Material Agreement

TL;DR

Ideal Power (IPWR) filed an 8-K for a material definitive agreement - details TBD.

AI Summary

Ideal Power Inc. announced on March 25, 2024, that it entered into a Material Definitive Agreement. The company also reported other events and filed financial statements and exhibits. The exact nature of the agreement and the financial details were not specified in this initial filing.

Why It Matters

This filing indicates a significant development for Ideal Power Inc., potentially involving new contracts, partnerships, or financial arrangements that could impact its future operations and stock performance.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement, which could be positive or negative depending on the specifics not yet disclosed, warranting a medium risk assessment.

Key Numbers

• 001-36216 — Commission File Number (Identifies the company's filing with the SEC.)
• 14-1999058 — IRS Employee Identification No. (Company's tax identification number.)

Key Players & Entities

• Ideal Power Inc. (company) — Registrant
• March 25, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of incorporation
• Austin, Texas (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.001 — f the Company's common stock, par value $0.001 per share ("Common Stock"), and pre-fun
• $7.50 — fering"). The public offering price was $7.50 per share of Common Stock and $7.499 pe
• $7.499 — was $7.50 per share of Common Stock and $7.499 per Pre-Funded Warrant, which warrants
• $13.6 m — fering are expected to be approximately $13.6 million, after deducting underwriting dis

Filing Documents

• ipwr20240328_8k.htm (8-K) — 31KB
• ex_646683.htm (EX-1.1) — 236KB
• ex_646684.htm (EX-4.1) — 99KB
• ex_646685.htm (EX-5.1) — 11KB
• ex_646686.htm (EX-99.1) — 10KB
• ex_646687.htm (EX-99.2) — 11KB
• ex_646688.htm (EX-99.3) — 10KB
• image01.jpg (GRAPHIC) — 8KB
• image02.jpg (GRAPHIC) — 11KB
• image03.jpg (GRAPHIC) — 13KB
• 0001437749-24-009865.txt ( ) — 676KB
• ipwr-20240325.xsd (EX-101.SCH) — 3KB
• ipwr-20240325_def.xml (EX-101.DEF) — 11KB
• ipwr-20240325_lab.xml (EX-101.LAB) — 15KB
• ipwr-20240325_pre.xml (EX-101.PRE) — 11KB
• ipwr20240328_8k_htm.xml (XML) — 3KB

01

Item 1.01. Entry into a Material Definitive Agreement. On March 25, 2024, Ideal Power Inc. (the "Company") entered into an underwriting agreement (the "Underwriting Agreement") with Titan Partners Group LLC, a division of American Capital Partners, as representative of the underwriters named therein (the "Underwriter"), relating to the underwritten public offering of 1,366,668 shares of the Company's common stock, par value $0.001 per share ("Common Stock"), and pre-funded warrants (the "Pre-Funded Warrants") to purchase up to 633,332 shares of Common Stock (the "Offering"). The public offering price was $7.50 per share of Common Stock and $7.499 per Pre-Funded Warrant, which warrants have an exercise price of $0.001 per share. The Pre-Funded Warrants expire when they are exercised in full. In addition, under the terms of the Underwriting Agreement, the Company granted the Underwriter an option, exercisable for 30 days, to purchase up to 300,000 additional shares of Common Stock. The net proceeds to the Company from the Offering are expected to be approximately $13.6 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company, and assuming no exercise of the option. The Offering closed on March 28, 2024. The Offering was made pursuant to the Company's registration statement on Form S-3 (File No. 333-269060) that was filed with the Securities and Exchange Commission (the "Commission") on December 29, 2022 and declared effective by the Commission on January 9, 2023. A preliminary and final prospectus supplement were filed with the Commission pursuant to Rule 424(b) under the Securities Act of 1933 (the "Securities Act") on March 25, 2024 and March 27, 2024, respectively. The Underwriting Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriter, including for liabilities un

01

Item 8.01. Other Events. On March 25, 2024, the Company issued two press releases, the first announcing that it had commenced the Offering and the second announcing the pricing of the Offering. On March 28, 2024, the Company issued a press release announcing the closing of the Offering. Copies of press releases are filed as Exhibits 99.1, 99.2, and 99.3, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits . Exhibit No. Description 1.1 Underwriting Agreement, dated March 25, 2024, between Ideal Power Inc. and Titan Partners Group LLC. 4.1 Form of Pre-Funded Warrant. 5.1 Opinion of Perkins Coie LLP. 23.1 Consent of Perkins Coie LLP (included in Exhibit 5.1). 99.1 Press Release, dated March 25, 2024, regarding commencement of the Offering. 99.2 Press Release, dated March 25, 2024, regarding pricing of the Offering. 99.3 Press Release, dated March 28, 2024, regarding closing of the Offering. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. IDEAL POWER INC. Dated: March 28, 2024 By: /s/ Timothy Burns Timothy Burns Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR