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Expion360 Said Entered into Non-binding LOI With Manufacturer of Lithium Battery Production Equipment For Equipment Capable of Manufacturing Up to 250K Type 26650 Lithium Battery Cells Per Day

xpion360 Inc.

Benzinga · 06/09/2022 07:52
xpion360 Inc. (the "Company") entered into a non-binding letter of intent (the "Letter of Intent") dated May 31, 2022, with a manufacturer of lithium battery production equipment (the "Equipment Manufacturer") to negotiate definitive agreements for the Company's purchase, and installation at the Company's leased facilities in Redmond, Oregon, of equipment capable of manufacturing up to two-hundred and fifty thousand Type 26650 lithium battery cells per day. In addition to the purchase of the lithium battery manufacturing equipment, the Letter of Intent contemplates the Equipment Manufacturer licensing the intellectual property to the Company necessary to operate the lithium battery manufacturing equipment in exchange for certain royalty payments. The purchase, installation and operation of the lithium battery manufacturing equipment are subject to the negotiation of definitive agreements with the Equipment Manufacturer and other uncertainties, including those identified in the Risk Factors section of the Company's prospectus dated March 31, 2022, as filed with the SEC.