NeoVolta, which makes energy storage systems for residential and commercial solar equipment, lowered the proposed deal size for its upcoming IPO on Wednesday. The company is currently listed on the OTCQB (NEOV).
The Poway, CA-based company now plans to raise $5 million by offering 1.1 million units at $4. Each unit now consists of one share of common stock and one warrant, exercisable at the IPO price. The company had most recently filed to offer 1.5 million units at a range of $3.50 to $4.50, with each unit containing two warrants exercisable at the IPO price. At the revised terms, NeoVolta will raise -25% less in proceeds than previously anticipated and command a market value of $131 million.
Because the company is offering units with warrants attached, NeoVolta will be excluded from Renaissance Capital's 2022 IPO stats.
NeoVolta is a designer, manufacturer, and seller of high-end energy storage systems (ESS). Its products include the NeoVolta NV14 and NV 24, which can store and use energy via batteries and an inverter at residential or commercial sites. The company primarily markets and sells its products directly to its certified solar installers and solar equipment distributors. In the future, it also intends to pursue residential developers, commercial developers, and other commercial opportunities.
NeoVolta was founded in 2018 and booked $5 million in revenue for the 12 months ended March 31, 2022. It plans to list on the Nasdaq under the symbol NEOV. Maxim Group LLC is the sole bookrunner on the deal. It is expected to price during the week of July 11, 2022.
