Axion Power International, Inc. (AXPW) Reports Completion of Direct Equity Offering
Axion Power International reported the successful completion of recent capital raising activity, providing the company with funds to help continue manufacturing and marketing its battery product line. Axion Power said that the company raised gross proceeds of $9.4 million through a registered direct common stock offering to a group of institutional investors. The shares were sold at $0.35 per share, which represented the average price of the company’s common stock on a volume weighted basis during a 40 day period prior to the offering. The offering raised $8.6 million after expenses, and Axion Power plans to use the net proceeds…