NeoVolta, Inc. (NEOV) expects to raise $4 million in an IPO in the week of August 1, reports IPO Scoop. The Company plans to issue 1,100,000 shares at a price of $4.00 per share.
In the last 12 months, NeoVolta, Inc. had revenue of $4.8 million and a net loss of $7.7 million. The company has a market cap of $131.1 million.
Maxim Group acted as underwriter for the IPO.
NeoVolta, Inc. provided the following description of their company for its IPO: “(Note: This is NOT an IPO. This is a NASDAQ uplisting from the OTCQB where NeoVolta’s shares trade under the symbol “NEOV”. **This is also a Unit Offering. Each unit consists of one common share and one warrant to purchase one common share, exercisable at the IPO price. IPOScoop has NO CALL on NASDAQ uplisting deals. IPOScoop also does NOT call on unit offerings unless they are SPAC (blank Check) IPOs.) NeoVolta designs, manufactures and sells high-end energy storage systems (batteries and inverters) for commercial and residential use. Its main customers are certified solar installers and distributors of solar systems. (Note: NeoVolta, Inc. reduced the size of its public offering (NASDAQ uplisting) from 1.5 million units to 1.125 million units and set the price range at $4.00, the midpoint of its previous range of 3.50 to 4 $.50). in an S-1/A filing dated July 6, 2022. Each Unit consists of one common share and one common share purchase warrant. The previous terms defined each Unit as one common share and two warrants. Under the new terms, NeoVolta will earn approximately 25 percent less under the new terms compared to the previous term’s estimated revenue of $6.0 million. NeoVolta’s market capitalization under the new terms is $131.08 million, NeoVolta, Inc. revised the terms of its public offering in an S-1/A filing dated June 23, 2022, by adding the number increased units from 1.0 million units to 1.5 million and cut the price range to $3.50-$4.50, down from $5.00 to $7.00 His change in terms lowered the market cap of NeoVolta to $132.6 million – a 32.3 percent reduction from the market cap of $196 million under the previous terms. In an S-1/A filing dated June 3, 2022, NeoVolta reduced the size of its public offering from 1.7 million units to 1.0 million units.) “.
NeoVolta, Inc. was founded in 2018 and has 5 employees. The company is located at 13651 Danielson Street, Suite A, Poway, CA 92064 and can be reached by phone at 800-364-5464 or online at http://www.neovolta.com/.
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