Aqua Metals prices 17.5M shares at 39c in public offering

Aqua Metals priced its public offering of 17,500,000 shares of its common stock and non-redeemable warrants to purchase 17,500,000 shares of its common stock. The public offering price, before the underwriters’ discount and commissions, for each share of common stock and for each warrant is $0.39 and $0.01, respectively. Aqua Metals expects the gross proceeds from this offering to be $7 million, before deducting the underwriting discount and commissions and other estimated offering expenses. Aqua Metals granted the underwriter a 30-day option to purchase up to 2,625,000 additional shares of common stock and warrants. Aqua Metals expects to close the offering, subject to customary conditions, on Friday, May 17, 2024. All the Company’s officers and directors participated in the public offering. In addition, several long-time stockholders of the Company participated in the offering, including PADNOS. All the securities in the underwritten public offering were sold by the Company. Participation by PADNOS in Aqua Metals’ public offering is also strategic as the companies have been collaborating on a large DOE MESC grant application submitted in March of this year and are expecting to hear the results of that application this Summer. This investment by PADNOS is a strong indicator of the Company’s continued innovation, given PADNOS’s reputation for innovation and leadership in sustainable materials management. PADNOS’s support underscores their confidence in Aqua Metals’ pioneering technology after a detailed technical exploration of other technologies and its critical role in advancing sustainable battery recycling. Aqua Metals intends to use the net proceeds from the offering for working capital and general corporate purposes. The offering is also intended to strengthen the Company’s balance sheet in support of a proposed $33 million secured credit facility for which the Company has entered into a non-binding term sheet with one of the world’s largest privately held companies. This proposed strategic financial collaboration is intended to provide financing for the completion of Phase One development of the Company’s Sierra AquaRefining Campus. The Benchmark Company, LLC acted as the sole book-running manager for the offering. The Liquid Venture Partners group at The Benchmark Company, LLC was responsible for sourcing and executing the offering.