NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO
Nuclear”), a vertically integrated advanced nuclear energy
and technology company developing portable clean nuclear energy
solutions, today announced that it has closed its previously
announced $18 million firm commitment, registered underwritten
public offering.
In the offering, NANO Nuclear sold 900,000
shares of common stock and warrants to purchase 517,500 shares of
common stock at $20 per share and associated warrant, less
underwriting discounts and expenses. Such warrants include warrants
to purchase 67,500 shares of common stock which were purchased by
the underwriter at closing pursuant to a partial exercise of its
offering over-allotment option. The underwriter retains an option
through August 9, 2024 to purchase an additional 135,000 shares of
common stock. The warrants are exercisable immediately, have a term
of five years, and have an exercise price of $20.00 per share. The
warrants will not trade on any market.
This offering follows NANO Nuclear’s initial
public offering which closed on May 10, 2024 in which it sold
shares of common stock for gross proceeds of $10.25 million at
$4.00 per share.
NANO Nuclear, which believes it is first
portable nuclear microreactor company publicly listed in the U.S,
expects its net proceeds from the offering, after underwriting
commissions and offering expenses, will be approximately $16.1
million. NANO Nuclear intends to use the net proceeds from this
offering to continue the research and development of its
proprietary micro nuclear reactor designs, ‘ZEUS’
and ‘ODIN’, advancing its exclusive licensed
technology to transport commercial quantities of High-Assay,
Low-Enriched Uranium (HALEU) fuel needed for the future of the
advanced nuclear industry, development of a U.S. domestic source of
HALEU fuel fabrication for NANO Nuclear’s own microreactors and the
broader advanced nuclear reactor industry, for business development
activities, and for general corporate purposes and working
capital.
“We are very proud and extremely grateful to
have achieved this significant milestone. We thank our pre-IPO
investors, as well as many new fundamental institutional and
individual investors, for joining this oversubscribed financing and
sharing our vision for commercial innovation at the cutting edge of
advanced nuclear technology in the U.S.”, said Jay Yu,
Founder and Chairman of NANO Nuclear Energy. “This new
funding enables us to accelerate the physical demonstration of our
advanced portable microreactors, our designs for a cutting-edge
nuclear fuel fabrication facility, and further our exclusively
licensed patented nuclear basket technology for transportation of
commercial quantities of HALEU, waste and other fuel forms. These
funds could also help us achieve our goal of generating initial
revenues by the end of this year through our nuclear consulting
services division. Our commitment remains to be a leading voice and
innovator in the revitalized U.S. nuclear energy industry and to
create enduring value for our shareholders.”
The Benchmark Company, LLC acted as the sole
book-running representative for the offering. Ellenoff
Grossman & Schole LLP acted as counsel to NANO Nuclear.
Lucosky Brookman LLP acted as counsel to The Benchmark Company.
Withum Smith+Brown PC are NANO Nuclear’s registered independent
auditors.
Registration statements relating to this public
offering were filed with the Securities and Exchange Commission and
declared. This registration statement can be obtained by visiting
the SEC website at www.sec.gov. Please see such registration
statement for additional information regarding NANO Nuclear.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About NANO Nuclear Energy
Inc.
NANO Nuclear Energy Inc. (NASDAQ:
NNE) is an advanced technology-driven nuclear energy
company seeking to become a commercially focused, diversified, and
vertically integrated company across four business lines: (i)
cutting edge portable microreactor technology, (ii) nuclear fuel
fabrication, (iii) nuclear fuel transportation and (iv) nuclear
industry consulting services. NANO Nuclear believes it is the first
portable nuclear microreactor company to be listed publicly in the
U.S.
Led by a world-class nuclear engineering team,
NANO Nuclear’s products in technical development are
“ZEUS”, a solid core battery reactor, and “ODIN”, a
low-pressure coolant reactor, each representing advanced
developments in clean energy solutions that are portable, on-demand
capable, advanced nuclear microreactors.
Advanced Fuel Transportation Inc.
(AFT), a NANO Nuclear subsidiary, is led by former
executives from the largest transportation company in the world
aiming to build a North American transportation company that will
provide commercial quantities of HALEU fuel to small modular
reactors, microreactor companies, national laboratories, military,
and DOE programs. Through NANO Nuclear, AFT is the exclusive
licensee of a patented high-capacity HALEU fuel transportation
basket developed by three major U.S. national nuclear laboratories
and funded by the Department of Energy. Assuming development and
commercialization, AFT is expected to form part of the only
vertically integrated nuclear fuel business of its kind in North
America.
HALEU Energy Fuel Inc. (HEF), a
NANO Nuclear subsidiary, is focusing on the future development of a
domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel
fabrication pipeline for NANO Nuclear’s own microreactors as well
as the broader advanced nuclear reactor industry.
For more corporate information please
visit: https://NanoNuclearEnergy.com/
For further information, please
contact:
Email: IR@NANONuclearEnergy.comBusiness Tel: (212)
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Cautionary Note Regarding Forward
Looking Statements
This news release and statements of NANO
Nuclear’s management in connection with this news release or
related events contain or may contain "forward-looking statements"
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended, and the Private Securities Litigation Reform Act
of 1995. In this context, forward-looking statements mean
statements (including statements related to the public offering and
the proposed use of proceeds from such offering, as described
herein) related to future events, which may impact our expected
future business and financial performance, and often contain words
such as “seek,” "expects", "anticipates", "intends", "plans",
"believes", “potential”, "will", "should", "could", "would" or
"may" and other words of similar meaning. These forward-looking
statements are based on information available to us as of the date
of this news release and represent management's current views and
assumptions. Forward-looking statements are not guarantees of
future performance, events or results and involve significant known
and unknown risks, uncertainties and other factors, some of which
may be beyond our control. Readers are cautioned that actual
results may differ materially and adversely from the results
implied in forward-looking statements. For NANO Nuclear, particular
risks and uncertainties that could cause our actual future results
to differ materially from those expressed in our forward-looking
statements include but are not limited to the following: (i) risks
related to our U.S. Department of Energy (“DOE”) nuclear fuel
manufacturing submission and the development of new or advanced
technology, including difficulties with design and testing, cost
overruns, development of competitive technology, (ii) our ability
to obtain contracts and funding to be able to continue operations;
(iii) risks related to uncertainty regarding our ability to
commercially deploy a competitive advanced nuclear reactor
technology, and (iv) risks related to the impact of government
regulation and policies including by the DOE and the U.S. Nuclear
Regulatory Commission; and similar risks and uncertainties
associated with the business of a start-up business operating a
highly regulated industry. These factors may not constitute all of
the factors that could cause actual results to differ from those
discussed in any forward-looking statement, and the NANO Nuclear
therefore encourages investors to review other factors that may
affect future results in its filings with the SEC, which are
available for review at www.sec.gov and at
https://ir.nanonuclearenergy.com/financial-information/sec-filings.
Readers are cautioned not to place undue reliance on
forward-looking statements, which apply only as of the date of this
news release, and forward-looking statements should not be relied
upon as a predictor of actual results. We do not undertake to
update our forward-looking statements to reflect events or
circumstances that may arise after the date of this news release,
except as required by law.
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