NeoVolta Announces Pricing of $3.9 Million Public Offering Priced at a Premium to Market and Uplisting to Nasdaq

SAN DIEGO, CA, July 27, 2022NeoVolta, Inc. (“NeoVolta” or the “Company”) (NASDAQ: NEOV, NEOVW), manufacturer of Smart Energy Storage Solutions, today announced the pricing of its underwritten public offering of 975,000 units at a price to the public of $4.00 per unit. Each unit issued in the offering consists of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $4.00 and an expiration date of five years from the date of issuance. The common stock and warrants are immediately separable and will be issued separately. The common stock and warrants are expected to begin trading on the Nasdaq Capital Market on July 28, 2022, under the symbols “NEOV” and “NEOVW,” respectively. NeoVolta expects to receive gross proceeds of $3.9 million, before deducting underwriting discounts and commissions and other estimated offering expenses.

NeoVolta has granted the underwriters a 45-day option to purchase up to an additional 146,250 shares of common stock and/or an additional 146,250 warrants at the public offering price to cover over-allotments, if any. The offering is expected to close on August 1, 2022, subject to customary closing conditions.

Maxim Group LLC is acting as sole book-running manager for the offering.

A registration statement on Form S-1 (File No. 333-264275) relating to this offering was filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on July 27, 2022. The offering and sale of these securities may be made only by means of a prospectus. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. Electronic copies of the final prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022, at (212) 895-3745.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About NeoVolta

NeoVolta designs, develops, and manufactures advanced energy storage systems for both residential and industrial use. Its storage solutions are engineered with Lithium-Iron Phosphate (LiFe(PO4)) battery chemistry, which is clean, nontoxic, and nonflammable. The residential-focused NeoVolta NV14 is equipped with a solar rechargeable 14.4 kWh battery system, a 7,680-Watt inverter, and a web-based energy management system with 24/7 monitoring. The system’s 6,000-cycle battery life, one of the longest on the market, translates to 16.5 years of useful life, based on a full charge, and discharge each day. The NV14 has passed the product safety standards set forth by Underwriters Laboratories (UL) for battery energy storage safety testing.

For more information visit: NeoVolta.com email us: [email protected] or call us: 858-239-2029

 

Forward-Looking Statements

Certain statements in this news release constitute forward-looking information within the meaning of applicable securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects,” “believes,” “anticipates,” “budget,“ scheduled,” “estimates,” “forecasts,” “intends,” “plans,” and variations of such words and phrases, or by statements that certain actions, events or results “may,” “will,” “could,” “would,” or “might,” “be taken,” “occur,” or “be achieved.” Forward-looking statements are neither historical facts nor assurances of future performance. Forward-looking information contained in this news release is based on certain assumptions regarding, among other things, expected growth, results of operations, performance, industry trends and growth opportunities. While management considers these assumptions to be reasonable, based on information available, they may prove to be incorrect. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements.