MSK Represents Ideal Power Inc. in IPO
Mitchell, Silberberg & Knupp* is proud to announce that on November 27, 2013, Ideal Power Inc. (NASDAQ: IPWR) successfully closed its initial public offering (IPO) of 3 million shares of common stock, followed by completion of the sale of an additional 450,000 shares of common stock pursuant to the underwriters' exercise of their entire over-allotment option, at a price to the public of $5.00 per share. The gross proceeds of the offering totaled $17.25 million, including the over-allotment. Mitchell, Silberberg & Knupp* represented Ideal Power in the IPO. MDB Capital Group LLC acted as the Managing Underwriter and Northland Capital Markets acted as the co-managing underwriter for the IPO.
Ideal Power has developed and commercialized Power Packet Switching ArchitectureTM (PPSA) that improves the weight, size, cost, efficiency, flexibility and reliability of electronic power converters.
On November 22, 2013, the Office of the Governor Rick Perry of the State of Texas announced that Ideal Power is the first Texas Emerging Technology Fund (TETF) award recipient to launch an IPO. The TETF provided Ideal Power with seed capital to develop its technology and initial products. Ideal Power is based near Austin, Texas.
"The Ideal Power IPO exemplifies our firm's tradition of nurturing corporate clients from the very early stages of capital formation in private placements through the going public process," said New York Partner Kevin Friedmann, who led Mitchell, Silberberg & Knupp's* representation of Ideal Power. "We are very proud to have represented Ideal Power in its IPO and to have worked with such a terrific management team throughout the process," Mr. Friedmann added.
*Handled through the predecessor law firm of Richardson Patel LLP.