REDMOND, Ore., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Expion360 Inc. (NASDAQ:XPON) ("Expion360" or the "Company"), a lithium-ion battery power storage solutions company, today announced the pricing of a firm commitment underwritten public offering ("Offering") with gross proceeds to the Company expected to be approximately $10.0 million, before deducting underwriting discounts and other estimated expenses payable by the Company. The base Offering consists of 50,000,000 Common Units or Pre-Funded Units, each Unit consisting of one share of the Company's common stock ("Common Stock") or one pre-funded warrant to purchase one share of Common Stock (each, a "Pre-Funded Warrant"), two Series A warrants each to purchase one share of Common Stock (each, a "Series A Warrant") and one Series B warrant to purchase such number of shares of Common Stock as determined in the Series B warrant (each, a "Series B Warrant" and together with the Series A Warrants, the "Common Warrants"). The purchase price of each Common Unit was $0.20, and the purchase price of each Pre-Funded Unit is $0.199 (which is equal to the public offering price per Common Unit minus $0.001). The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time until all the Pre-Funded Warrants are exercised in full. The Series A Warrants, will be exercisable beginning on the first trading day following the Company's notice to the Series A Warrant holders of approval by the Company's stockholders, will expire five (5) years from such date, and will have an initial exercise price of $0.24 per share. Each Series B Warrant will be exercisable immediately. The exercise price and number of shares of Common Stock issuable under the Series B Warrants are subject to adjustment as described in the Series B Warrant. The Company intends to use the net proceeds from the Offering to fully repay the Company's outstanding debt of approximately $3.4 million, including an aggregate of approximately $0.7 million due to stockholders under certain unsecured promissory note agreements and approximately $2.7 million due under ...