Expion360 (XPON) Announces 1.05M Share Offering at $2.36/sh

Expion360 Inc. (Nasdaq: XPON) (the “Company”), an industry leader in lithium-ion battery power storage solutions, today announced that it has entered into definitive agreements with institutional investors for the purchase and sale of shares of its common stock, par value $0.001 per share (“Common Stock”) and pre-funded warrants to purchase Common Stock (each, a “Pre-Funded Warrant”) in a registered direct offering. In a concurrent private placement, the Company also agreed to sell to the same investors warrants to purchase Common Stock (the “Warrants”). Aggregate gross proceeds to the Company from both transactions are expected to be approximately $2.6 million. The entire transaction has been priced at the market under Nasdaq rules.

The transactions consisted of the sale of 1,048,386 shares (each, a “Share”) of Common Stock (or Pre-Funded Warrants to purchase Common Stock), each of which will be sold together with one Warrant to purchase one share of Common Stock per Warrant at an exercise price of $2.36. The offering price per Share is $2.48 (or $2.479 for each Pre-Funded Warrant, which is equal to the offering price per Share minus an exercise price of $0.001 per Pre-Funded Warrant). The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time until exercised in full. For each Pre-Funded Warrant sold in the offering, the number of Shares in the offering will be decreased on a one-for-one basis.

Aggregate gross proceeds to the Company are expected to be approximately $2.6 million. The transactions are expected to close on or about January 3, 2025, subject to the satisfaction of customary closing conditions. The Company expects to use the net proceeds from the offerings, together with its existing cash, for general corporate purposes and working capital.

Aegis Capital Corp. is acting as exclusive placement agent for the offerings. Stradling Yocca Carlson & Rauth LLP is acting as counsel to the Company. Kaufman & Canoles, P.C. is acting as counsel to Aegis Capital Corp.

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