Flux Power Holdings, Inc. (FLUX) saw an increase of 9.48% on Thursday bringing its closing price to $5.66 at close of the trading on the day. A day earlier the company announced that it will release financial results for FY2020 on Monday, September 28, 2020 before the market opens.
Flux Power develops advanced lithium-ion batteries for commercial and industrial equipment including airport ground support equipment (GSE) and electric forklifts. The company early last month marked a new collaboration agreement with CLARK Material Handling Company. CLARK stands among top ten manufacturers of forklift trucks and spare parts in the world.
Recognizing the demand of our dealers as well as end-users CLARK carried out an extensive industry-wide research. After thorough review the company found Flux Power to be partnered with for superior quality of its products. It will help us meet or exceed the requirements of our customers and dealers, said CLARK’s North America Aftermarket Sales Manager, Charlie Chwasz.
Partnering with Flux Power is a great addition for our existing battery line-up providing a best match for them. The collaboration will bring in maintenance free alternatives for our customers with less operating cost to maintain them, Chwasz added.
Flux Power will provide dealers and end-users of CLARK with lithium-ion battery packs for different types of forklifts including Sit-down Riders, Narrow Aisle, End Riders, Center Riders and Walkies.
Flux Power, also in last month, closed an underwritten public offering 3,099,250 shares. The shares priced at $4.00 were of company’s common stock which brought proceeds of about $12.4 million for the company. The offering was also included with full exercise of over allotment option by underwriters purchasing additional shares. The amount of gross proceeds was before deduction of discounts related to underwriting and offering expenses to be borne by the company.
Flux Power was intending utilizing the net proceeds for purposes including general corporate expenses and working capital.