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    Flux Power Closes Initial Round of Private Placement and Converts $7.8M of Debt to Equity

    July 9, 2020
    Related To: Flux Power, Inc.

    Vista, CA -- July 8, 2020 -- Flux Power Holdings, Inc. (“Flux Power”) (OTCQB: FLUX), a developer of advanced lithium industrial batteries for commercial and industrial equipment, today announced its initial close of a private placement, along with a related conversion of debt to equity.

    Flux Power is a leading developer of lithium-ion batteries having higher performance, extended life, and lower total cost of ownership compared with lead acid solutions. Products include advanced battery packs for forklifts, airport ground support equipment, and other commercial and industrial applications. To date, Flux Power has shipped over 7,000 lithium-ion battery packs nationwide.

    Financing

    In support of its operations, growth, and new product initiatives, Flux Power recently consummated the initial closing of a private placement, targeting up to $8 million of its common stock at $4.00 per share. The initial closing resulted in gross proceeds of approximately $1.1 million before offering expenses.

    In connection with the initial closing, Flux Power completed the conversion of debt to equity of $7.8M to common shares, at $4.00 per share. Giving effect to the private placement and debt conversion, Flux Power now has approximately 7.3 million shares issued and outstanding.

    The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended (“Securities Act”), or applicable state securities laws, and accordingly may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. 

    This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.