Active Power, Inc. announced that it entered into an agreement for a $3.0 million private placement pursuant to which it sold 6.0 million shares of common stock at $0.50 per share. Active Power intends to use the net proceeds from this financing transaction for working capital and general corporate purposes.
The securities sold in the financing have not been registered under the Securities Act of 1933. Accordingly, these securities may not be offered or sold in the United States, except pursuant to the effectiveness of a registration statement or an applicable exemption from the registration requirements of the Securities Act. Active Power has agreed to file a registration statement covering resale of these securities by the investors.
