Company: NEOV
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001683168-25-008147
Chunk: 9

Company: NeoVolta Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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2025.

In August 2022, the Company
completed an underwritten public offering of its equity securities in the form of Units with each Unit consisting of one share of common
stock and one warrant (each, a “Warrant” and collectively, the “Warrants”) to purchase one share of common stock
at an exercise price of $4.00 per share. The shares of common stock and the Warrants comprising the Units were immediately separated at
closing of the offering and each is now independently listed on the NASDAQ Capital Market. Each Warrant became exercisable on the date
of issuance and will expire five years from the date of issuance.

In the underwritten public
offering, a total of 1,121,250 Units, including exercise of the underwriter’s overallotment option, were sold at an offering price
to the public of $4.00 per Unit. The gross proceeds of the offering were $4,485,000 and the net proceeds, after deduction of underwriting
discounts and other offering costs were approximately $3,780,000. The Company also granted the underwriter non-tradeable warrants to purchase
a total of 58,500 shares of common stock at an exercise price of $4.40 per share for a period of five years.

Warrants – As
of September 30, 2025, there were outstanding Warrants for a total of 1,081,150 shares of common stock issued to investors which are exercisable
at any time up to August 1, 2027. The Warrants may be exercised upon payment of the exercise price in cash on or prior to the expiration
date. Under the terms of the Warrant Agreement, we must use our best efforts to maintain the effectiveness of the registration statement
and current prospectus relating to common stock issuable upon exercise of the Warrants until the expiration of the Warrants. If we fail
to maintain the effectiveness of the registration statement and current prospectus relating to the common stock issuable upon exercise
of the Warrants, the holders of the Warrants shall have the right to exercise the Warrants solely via a cashless exercise feature provided
for in the Warrants, until such time as there is an effective registration statement and current prospectus.

     10 

The following table presents
activity with respect to the Company’s warrants for the three months ended September 30, 2025:

    Schedule of warrant activity 

    Number  
    Wtd