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.
MDB Capital Group LLC acted as sole underwriter in the offering. ZBB granted the underwriter a 45-day option to purchase up to an aggregate of 4.7 million additional shares of common stock for up to $1.7 million to cover over-allotments, if any.
ZBB is using the net proceeds from the offering to repay existing indebtedness and the balance for working capital and general corporate purposes.
ZBB Energy designs, develops, and manufactures advanced energy storage, power electronic systems, and engineered custom and semi-custom products targeted at the growing global need for distributed renewable energy, energy efficiency, power quality, and grid modernization.