Axion Power International, Inc. Series A Warrants (AXPWW)

AXPWW was not a common stock but a warrant: a right to buy Axion Power International common stock at a fixed price. The Series A warrants were created on October 29, 2014, when Axion sold units in an underwritten public offering, each unit carrying one share of common stock, one Series A warrant and one Series B warrant. The Series A warrant had an exercise price of $17.50 per share on a post-split basis and was exercisable for five years. It traded on Nasdaq next to the common stock, which used the symbol AXPW.

Axion Power International developed lead-carbon batteries, which it marketed under the PbC name. The technology replaced part of the lead in a conventional battery with activated carbon to improve charge acceptance and cycle life. The company targeted uses such as stop-start vehicles, rail, and stationary energy storage, and it also sold energy storage systems and engineering services. Its operating subsidiary was formed in 2003 and the business was run from New Castle, Pennsylvania.

Axion went public through a reverse acquisition at the end of 2003 and spent years funding research and development with repeated equity raises. Heavy losses and dilution pushed the share price lower, and the company used reverse stock splits to stay above Nasdaq minimum bid requirements. In January 2016 it announced that it would voluntarily leave Nasdaq, citing listing costs and a bid price below $1.00 that it did not expect to cure.

The common stock and the Series A warrants moved to the OTCQB effective February 8, 2016, while the Series B warrants expired at the end of January 2016. With the exercise price far above the share price, the Series A warrants had little practical value and were set to lapse about five years after issue, around October 2019. The company's operations wound down in the years that followed.