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Battery manufacturer Flux Power relaunches $15 million Nasdaq uplisting

July 30, 2020
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Flux Power Holdings, which manufactures and sells lithium-ion batteries and storage solutions, announced terms for its IPO on Thursday. In its latest filing, the company added Roth Capital and National Securities as underwriters.

The Vista, CA-based company plans to raise $15 million by offering 1.7 million shares at $8.60, the July 28th close of its shares on the OTCQB (FLUX). At the proposed price, Flux Power Holdings would command a fully diluted market value of $94 million.

The company originally filed for an IPO in May 2019 and planned to raise $13 million by offering 1.4 million shares at a price of $9. The company postponed in September 2019, but revived its IPO plans earlier this month.

Flux Power Holdings was founded in 1998 and booked $14 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol FLUX. Roth Capital and National Securities are the joint bookrunners on the deal.