The net proceeds to ZBB from the offering are expected to be approximately $10.8 million after deducting underwriting discounts and commissions and other estimated offering expenses.
The offering is expected to close on or about June 19, subject to customary closing conditions.
MDB Capital Group LLC is acting as sole underwriter in the offering. ZBB has granted the underwriter a 45-day option to purchase up to an aggregate of 4.74 million additional shares of common stock for up to $1.7 million to cover over-allotments, if any.
ZBB anticipates using the net proceeds from the offering to repay existing indebtedness and the balance for working capital and general corporate purposes.