NeoVolta, which makes energy storage systems for residential and commercial solar equipment, changed the terms of its upcoming IPO on Thursday. The company is currently listed on the OTCQB (NEOV).The Poway, CA-based company now plans to raise $6 million by offering 1.5 million units at a price range of $3.50 to $4.50. Each unit consists of one share of common stock and two warrants, exercisable at the IPO price. The company had previously filed to offer 1 million units at a range of $5 to $7, with each unit containing one share of common stock and one warrant. At the midpoint of the revised range, NeoVolta will raise the same amount in proceeds and command a market value of $133 million (-32% vs. previous terms).Because the company is offering units with…
Energy storage system maker NeoVolta cuts proposed valuation by 32% ahead of $6 million Nasdaq uplisting
