Nano Nuclear's $18M Upsized Offering: Eyes Funding for Advanced Micro Nuclear Reactor Designs

Nano Nuclear Energy Inc. NNE shares are trading lower after the company announced the pricing of an $18 million upsized offering of 900,000 shares of common stock and warrants to purchase 450,000 shares of common stock.

Each share and associated warrant is being sold at a public offering price of $20.00.

Furthermore, Nano Nuclear has given the underwriter a 30-day option to buy up to 135,000 additional shares of common stock and/or warrants for 67,500 shares at the public offering price, minus underwriting fees.

While the shares and associated warrants were marketed as a unit, such units have no stand-alone rights and will not be certificated or issued as stand-alone securities.

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The warrants can be exercised immediately, have a five-year term, and an exercise price of $20.00 per share. They are not tradable on any market, the company said.

Nano Nuclear plans to allocate the net proceeds from this offering towards advancing the research and development of its proprietary micro nuclear reactor designs, ZEUS and ODIN.

Additionally, funds will support the development of a U.S. domestic source for HALEU fuel fabrication, crucial for both Nano Nuclear’s microreactors and the broader advanced nuclear reactor industry.

These funds will also be utilized for business development initiatives, as well as general corporate purposes and working capital.

Price Action: NNE shares are trading lower by 6.52% to $24.53 at last check Friday.

Photo via Shutterstock

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