November 23, 2020 Online news

Axion Power International, Inc. Prices Underwritten Public Offering of Common Stock and Warrants and Concurrent Uplisting to Nasdaq Capital Markets

Axion Power International, Inc. (the “Company”) (AXPW, AXPWW), today announced the pricing of a $ 6.1 million underwritten public offering consisting of 1,875,000 shares of common stock (“Common Stock”), together with Series A warrants to purchase 1,875,000 shares of its Common Stock (“Series A Warrants”) and Series B warrants to purchase 1,875,000 shares of its Common Stock (“Series B Warrants”). The public offering price for each share of Common Stock, together with one Series A Warrant and one Series B Warrant was $ 3.25.  The Series A Warrants may be exercised for a period of five years and have an exercise price of $ 3.25 per share of Common Stock. The Series B Warrants may be exercised for a period of 15 months and have an exercise price of $ 3.25 per share of Common Stock. The Company has also granted to the underwriters a 45-day option to acquire up to 281,250 additional shares of Common Stock and/or up to 281,250 additional Series A Warrants and/or up to 281,250 additional Series B Warrants. After the underwriting discount and estimated offering expenses payable by the Company, the Company expects to receive net proceeds of approximately $ 5.3 million, assuming no exercise of the over-allotment option. The offering is expected to close on October 29, 2014. Shares of the Company’s Common Stock and Series A Warrants will begin trading today under the symbols “AXPW” and “AXPWW,” respectively, on the Nasdaq Capital Market.

Maxim Group LLC is acting as the Sole Book Running Manager in the offering.

The Company intends to use the net proceeds from the offering to fund operations.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on October 23, 2014.  When available, copies of the final prospectus relating to this offering may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174 or via telephone at 212-895-3745.  The final prospectus relating to the offering will also be available on the SEC’s website at

This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Axion Power International, Inc.

Axion has developed and patented a next generation energy storage device that won the prestigious Frost & Sullivan Technology Award for North America in the field of lead-acid batteries.

Axion Power International, Inc. believes it is an industry leader in the field of lead carbon energy storage technologies. Axion believes its new PbC battery technology is the only class of advanced battery that can be assembled on existing lead-acid battery production lines throughout the world utilizing Axion’s proprietary activated carbon electrodes. Axion’s primary goal is to become the leading supplier of carbon electrode assemblies for the global lead-acid battery industry.

Forward-looking Statements

Certain statements in this Press Release are “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include the risk for the Company to complete its development work, as well as the risks inherent in commercializing a new product (including technology risks, market risks, financial risks and implementation risks, and other risks and uncertainties affecting the Company), as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at We disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events, or otherwise.

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