Expion360, which makes lithium iron phosphate batteries for RVs and boats, raised $15 million by offering 2.1 million shares at $7, the low end of the range of $7 to $9. At pricing, the company commands a fully diluted market value of $48 million.
Because its market cap is less than $50 million at pricing, Expion360 will be excluded from Renaissance Capital's 2022 IPO stats.
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 plans to list on the Nasdaq under the symbol XPON. Alexander Capital acted as the sole bookrunner on the deal.
