AUSTIN, Texas, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Ideal Power Inc. (NASDAQ: IPWR), a semiconductor and power conversion technology company, will effect a one-for-ten reverse stock split of its outstanding common stock to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq's Marketplace Rule 5550(a)(2).
The company’s common stock will begin trading on the Nasdaq Capital Market on a split adjusted basis when the market opens on August 20, 2019 and will continue to trade under the symbol “IPWR.” At the company’s Annual Meeting of Stockholders held on July 23, 2019, the company’s stockholders approved a proposal authorizing the company’s Board of Directors to effect a reverse stock split in a range of 1:2 to 1:20 to help regain compliance with the Nasdaq minimum bid price requirement.
The reverse stock split uniformly affects all issued and outstanding shares of the company’s common stock and will not alter any stockholder's percentage ownership interest in the company, except to the extent that the reverse stock split results in fractional interests. No fractional shares will be issued in connection with the reverse stock split. Stockholders will be issued one whole share of common stock in exchange for any fractional interest that such stockholder would have otherwise received as a result of the reverse stock split.
The par value of the company’s common stock will remain unchanged at $0.001 per share after the reverse stock split.
The reverse stock split will reduce the number of shares of common stock issued and outstanding from 14,722,840 to 1,472,284 plus any shares to be issued in exchange for fractional interests. The number of shares of common stock issuable upon conversion of the outstanding shares of the company’s preferred stock will be reduced from 810,000 shares to 81,000 shares. The number of authorized shares of common stock will not be changed by the reverse stock split.
The reverse stock split proportionately affects the number of shares of common stock available for issuance under the company’s equity incentive plans. All options, warrants and stock awards of the company outstanding immediately prior to the reverse stock split will be adjusted in accordance with their terms.
The company’s transfer agent, Corporate Stock Transfer, Inc. is acting as the exchange agent for the reverse stock split. CST will provide instructions to stockholders of record regarding the exchange of stock certificates, as applicable. Stockholders who hold their shares in brokerage accounts or “street name” are not required to take any action to effect the exchange of their shares. Shareholders with questions may contact our transfer agent by calling 303-282-4800.
About Ideal Power Inc.
Ideal Power (NASDAQ: IPWR) is a semiconductor and power conversion technology company focused on its patented Bi-directional, Bi-polar Junction Transistor (B-TRAN™) semiconductor technology. B-TRAN is a unique double-sided bi-directional AC switch able to deliver substantial performance improvements over today's conventional power semiconductors. We believe B-TRAN modules will improve the efficiency and system economics of a wide variety of power converter applications including electrified vehicle traction drives, energy storage applications, photovoltaic (PV) inverters and wind converters, variable frequency (VFD) motor drives, and AC and DC power control applications. For more information, visit www.IdealPower.com.
