By Josh Beckerman
Shares of Expion360 surged after the company reported strong preliminary sequential revenue growth and said it started distributing its e360 Home Energy Storage Solutions, then retreated after the company announced a registered direct offering and a private placement.
The stock, which had an intraday high of $4.40, was recently down 2.5% to $2.33. Volume was nearly 27 million shares, compared with a 65-day average of 1.69 million.
The battery power storage company said preliminary fourth-quarter revenue was about $1.8 million to $2 million, up from $1.4 million in the third quarter. Preliminary net loss was about $350,000 to $450,000.
Expion360 started distributing e360 Home Energy Storage Solutions to integration partner Wellspring Solar. "We look forward to working closely with Wellspring for additional orders in 2025," the company said.
Meanwhile, the company expects gross proceeds of about $2.6 million combined from the direct offering of shares or pre-funded warrants and a private placement of warrants. The offering price per share is $2.48.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
January 02, 2025 13:39 ET (18:39 GMT)
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