Battery maker Flux Power prices USD 10.8m stock sale and uplists to Nasdaq

US lithium-ion batteries maker Flux Power Holdings Inc (OTCQB:FLUX; NASDAQ:FLUX) today priced a USD-10.8-million (EUR 9.1m) underwritten public offering and announced that its common stock is being uplisted to the Nasdaq Capital Market.

Flux Power is selling 2,695,000 shares of common stock at a public offering price of USD 4.00 apiece. The company has also granted to the underwriters a 30-day option to purchase an additional 404,250 shares to cover over-allotments.

Roth Capital Partners and National Securities Corporation served as the joint book-running managers for the offering, which is expected to close on August 18.

Flux Power intends to use the proceeds from the offering for working capital and general corporate purposes. It designs, develops, produces and sells rechargeable lithium-ion batteries for lift trucks and other industrial equipment, including energy storage for solar applications.

The company’s common stock has also been approved for listing on Nasdaq Capital Market, where it will start trading today under the symbol “FLUX”.

(USD 1.0 = EUR 0.845)

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