The NASDAQ-listed company sells 7.0M common shares to two institutional investors to raise gross proceeds.
PowerBank (NASDAQ: PBK) has priced a registered direct offering, raising approximately $4.2M in gross proceeds. The deal involves the sale of 7.0M common shares to two long-term institutional investors, finalized through securities purchase agreements.
The offering follows standard market practices for raising capital through direct placements. No prior comparable offering was disclosed in recent filings, though such transactions are common for small-cap firms seeking liquidity without underwriting fees.
Details on the use of proceeds or immediate market reaction were not provided in the announcement.