Shares of Nano Nuclear Energy Inc. (NASDAQ:NNE) are trading lower Wednesday after the company announced a significant sale of securities.
What To Know: Nano Nuclear announced that it entered into securities purchase agreements with institutional investors for the purchase and sale of approximately 8.49 million shares of common stock in an oversubscribed private placement.
The stock fell nearly 13% following the news, according to Benzinga Pro. Despite Wednesday’s drawdown, Nano Nuclear shares have nearly doubled over the past year.
The transaction is expected to close on Oct. 10 and result in gross proceeds of $400 million for the nuclear energy company.
Nano Nuclear said it will use the net proceeds from the private placement to advance development, construction and regulatory licensing activities for its lead micro nuclear reactor program, the KRONOS MMR Energy System. The company will also continue development on other micro reactor projects and pursue potential strategic acquisitions.
Nano Nuclear had approximately $210.2 million of total cash and cash equivalents as of June 30.
The private placement announcement comes after Nano Nuclear on Tuesday announced that it would receive $6.8 million in incentive awards from Illinois to establish a manufacturing and research and development facility in the state. The company plans to make an investment of more than $12 million to establish its operations in Illinois and create 50 new full-time jobs.
NNE Price Action: Shares of Nano Nuclear were down 12.81% at $49.38 at the time of publication on Wednesday, according to Benzinga Pro.
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