Expion Energy closes $9M private placement, eyes oil and gas assets

Expion Energy, Inc. (Nasdaq: XPON), formerly known as Expion360 Inc., closed an initial $9.0 million private placement on Aug. 21, 2026, issuing 8% Convertible Debentures and warrants to purchase up to 2,117,219 shares of common stock at an exercise price of $4.25 per share.

The offering generated net proceeds of approximately $8.2 million after placement agent fees and estimated offering expenses. The warrants carry a five-year term and may be exercised in cash or, under certain conditions, on a cashless basis.

Subject to shareholder approval, the convertible debentures will automatically convert into 9,000 shares of Series A-1 8% Convertible Preferred Stock, with an initial stated value of $1,000 per share and an initial conversion price of $4.25 per share into common stock. The preferred stock will accrue cumulative dividends at 8% per annum, payable quarterly beginning on the first anniversary of issuance.

Investors also hold the right, pending shareholder approval, to purchase up to an additional $91.0 million in convertible preferred stock across one or more subsequent closings.

The lead investor is Five Narrow Lane LP, affiliated with Joseph Hammer, the company's interim Chairman of the Board and former Chief Executive Officer. The transaction was approved by the disinterested members of the board of directors.

The company, which recently changed its name from Expion360 Inc. to Expion Energy, Inc., said it intends to use the net proceeds to fund the acquisition of oil and gas assets in eastern Louisiana and for general corporate purposes, including working capital.

Information in this article is based on a press release statement from Expion Energy.

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