NeoVolta, which makes energy storage systems for residential and commercial solar equipment, lowered the proposed deal size for its upcoming IPO on Wednesday. The company is currently listed on the OTCQB (NEOV).The Poway, CA-based company now plans to raise $5 million by offering 1.1 million units at $4. Each unit now consists of one share of common stock and one warrant, exercisable at the IPO price. The company had most recently filed to offer 1.5 million units at a range of $3.50 to $4.50, with each unit containing two warrants exercisable at the IPO price. At the revised terms, NeoVolta will raise -25% less in proceeds than previously anticipated and command a market value of $131 million. Because the company is offering units with warrants attached,…
Energy storage system maker NeoVolta lowers deal size by 25% ahead of $5 million Nasdaq uplisting
