Amprius Technologies Inc. (NYSE: AMPX) announced agreements with institutional holders to exchange 7,128,458 public warrants for shares of common stock, according to a company statement.

The silicon anode lithium-ion battery company said the warrant exchange is designed to simplify its capital structure. Each public warrant can be exercised to purchase one share of common stock at $11.50 per warrant.

Under the exchange terms, Amprius will issue shares calculated by multiplying the number of warrants exchanged by a quotient. The quotient equals the sum of the average volume-weighted average price of common stock over four consecutive trading days, plus $0.35, minus the $11.50 exercise price, divided by the average volume-weighted average price.

"We're pleased to continue optimizing our capital structure through today's announced warrant exchange," said Ricardo C. Rodriguez, Amprius' chief financial officer. "This is an important milestone that we believe improves the technicals of our stock and proactively minimizes dilution as we drive our business forward in the most capital efficient way possible."

The exchange is expected to close on May 18, 2026, subject to customary closing conditions. The public warrants were initially issued in March 2022 and would otherwise expire in September 2027.

Baker & McKenzie LLP serves as the company's legal counsel for the transaction. Amprius is headquartered in Fremont, California, and operates research and development facilities for silicon anodes and battery cells.