NeoVolta, which makes energy storage systems for residential and commercial solar equipment, raised $4 million by offering 0.95 million units at $4, as expected. The company offered 0.15 million fewer units than anticipated. It originally planned to offer 1.7 million units at a range of $5 to $7 before revising its terms terms several times, and most recently planned to offer 1.1 million units at $4. Each unit consists of one share of common stock and one warrant, exercisable at the IPO price.
The company had been listed on the OTCQB under the symbol "NEOV".
Because the offering contained warrants and raised less than $5 million, NeoVolta will be excluded from Renaissance Capital's 2022 IPO stats.
NeoVolta plans to list on the Nasdaq under the symbol NEOV. Maxim Group LLC acted as sole bookrunner on the deal.
