By Sheri Kasprzak
Atlanta, Feb. 4 - Active Power Inc. said it has raised $19,854,416 in a private placement of stock.
The company sold 5,454,510 shares at $3.64 each to institutional investors.
The agreement also included additional investment rights for up to 1,636,353 shares at $3.64 each for an additional $6 million.
RBC Capital Markets was the placement agent in the offering.
Based in Austin, Texas, Active Power designs, manufactures and markets battery-free backup power products. The proceeds from the private placement will be used for general corporate purposes, including growth.
| Issuer: | Active Power Inc.
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| Issue: | Stock
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| Amount: | $19,854,416
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| Shares: | 5,454,510
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| Price: | $3.64
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| AIRs: | Up to 1,636,353 at $3.64 each
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| Placement agent: | RBC Capital Markets
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| Settlement date: | Feb. 4
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| Stock price: | $4.06 at close Feb. 3
|
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