Active Power Prices Public Offering of Common Stock
AUSTIN, TX -- (Marketwired) -- 02/26/14 -- Active Power, Inc.
(NASDAQ: ACPW), a manufacturer of uninterruptible power supply (UPS)
systems and modular infrastructure solutions, announced the pricing
of its underwritten public offering of an aggregate of 3,175,000
newly issued shares of common stock at a price of $3.15 per share
(the "Offering"). The Company expects to receive gross proceeds of
$10.0 million before deducting underwriting discounts and estimated
offering expenses. The underwriter has also been granted a 30-day
option to purchase up to 476,250 shares of common stock to cover
over-allotments, if any.
The net proceeds to the Company from the Offering are expected to be
approximately $9.4 million after deduction of underwriting discounts.
Subject to customary conditions, the Offering is expected to close on
March 3, 2014.
The Company expects to use the net proceeds from the Offering for
working capital and other general corporate purposes.
The shares were offered by Active Power pursuant to a shelf
registration statement previously filed with the Securities and
Exchange Commission (the "SEC"), which was declared effective by the
SEC on June 26, 2013, and as supplemented by a prospectus supplement
dated Feb. 25, 2014, filed with the SEC pursuant to Rule 424(b) under
the Securities Act of 1933, as amended.
Roth Capital Partners is serving as the sole manager for the
Offering. Copies of the final prospectus supplement and accompanying
base prospectus can be obtained at the SEC's website at
http://www.sec.gov or Roth Capital Partners, 888 San Clemente Drive,
Newport Beach, California 92660, (800) 678-9147, or by writing or
calling the Company at 2128 W. Braker Lane, BK 12, Austin, Texas
78758, Attention: Jay Powers, Chief Financial Officer, (512) 836-6464
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities in this Offering.
There shall not be any sale of these securities in any state or
jurisdiction in which such Offering, sale, or solicitation would be
unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.
About Active Power
Founded in 1992, Active Power (NASDAQ: ACPW)
designs and manufactures uninterruptible power supply (UPS) systems
and modular infrastructure solutions that enable data centers and
other mission critical operations to remain 'on' 24 hours a day,
seven days a week. The combined benefits of its products' power
density, reliability, and total cost of ownership are unmatched in
the market and enable the world's leading companies to achieve their
most forward thinking data center designs. The company's products and
solutions are built with pride in Austin, Texas, at a
state-of-the-art, ISO 9001:2008 registered manufacturing and test
facility. Global customers are served via Austin and three regional
operations centers located in the United Kingdom, Germany, and China,
that support the deployment of systems in more than 50 countries. For
more information, visit www.activepower.com.
Cautionary Note Regarding Forward-Looking Statements
contains forward-looking statements about the Offering and the use of
the Offering proceeds that involve risks and uncertainties. Any
forward-looking statements and all other statements that may be made
in this news release that are not historical facts are subject to a
number of risks and uncertainties, and actual results may differ
materially. Specific risks include stock market conditions and our
ability to satisfy the conditions to closing in the underwriting
agreement and complete the Offering. Please refer to Active Power
filings with the SEC for more information on the risk factors that
could cause our actual results to differ.
Active Power and CleanSource are registered trademarks of Active
Power, Inc. The Active Power logo and PowerHouse are trademarks of
Active Power, Inc. All other trademarks are the properties of their
SOURCE: Active Power, Inc.
Active Power Investor Contact:
Active Power Media Contact:
Senior Public Relations Manager
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