Expion360, which makes lithium iron phosphate batteries for RVs and boats, announced terms for its IPO on Wednesday. The company originally filed in January but did not meet Renaissance Capital's tracking criteria at the time.
The Redmond, OR-based company plans to raise $17 million by offering 2.1 million shares at a price range of $7 to $9. At the midpoint of the proposed range, Expion360 would command a fully diluted market value of $55 million.
Expion360 designs, assembles, manufactures, and sells lithium iron phosphate for use in RVs and boats. The company currently has over 175 customers, including dealers, wholesalers, and equipment manufacturers. Expion360 plans to expand into the home energy storage space with its e360 Home Energy Storage under development, and also plans to expand into industrial applications.
Expion360 was founded in 2016 and booked $5 million in sales for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol XPON. Paulson Investment and Alexander Capital are the joint bookrunners on the deal.
