Axion Power International, Inc. Closes $6.1 Million Public Offering

NEW CASTLE, Pa., Oct. 29, 2014 /PRNewswire/ — Axion Power International, Inc. (the “Company”) (NASDAQ: AXPW, AXPWW), today announced that is has completed an underwritten public offering consisting of 1,875,000 shares of common stock (“Common Stock”), together with Series A warrants to purchase 1,875,000 shares of its Common Stock (“Series A Warrants”) and Series B warrants to purchase 1,875,000 shares of its Common Stock (“Series B Warrants”) for gross proceeds to the Company of approximately $6.1 million. The public offering price for each share of Common Stock, together with one Series A Warrant and one Series B Warrant was $3.25. The Series A Warrants may be exercised for a period of five years and have an exercise price of $3.25 per share of Common Stock. The Series B Warrants may be exercised for a period of 15 months and have an exercise price of $3.25 per share of Common Stock. In connection with the offering, the Company granted to the underwriter a 45-day option to acquire up to 281,250 additional shares of Common Stock and/or up to 281,250 additional Series A Warrants and/or up to 281,250 additional Series B Warrants to purchase shares of Common Stock. The Company has also closed on the underwriter’s exercise of the over-allotment option on the Series A Warrants and the Series B Warrants. The Company’s Common Stock and Series A Warrants are now listed on the Nasdaq Capital Market under the symbols “AXPW” and “AXPWW”, respectively.

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