Aqua Metals, Inc. (NASDAQ: AQMS), a sustainable lithium battery recycling company utilizing its proprietary AquaRefining™ technology, announced the successful closing of a registered direct offering resulting in aggregate gross proceeds of approximately $13.0 million, before placement agent fees and offering expenses.
The offering consisted of 1,133,794 shares of common stock and/or pre-funded warrants at a purchase price of $11.34 per share or pre-funded warrant and was completed with a single institutional investor.
In a concurrent private placement, the Company issued unregistered warrants to purchase up to 1,133,794 shares of common stock at an exercise price of $11.34 per share. The warrants are immediately exercisable and expire five years from the date of issuance.
Net proceeds from the offering are expected to be used for working capital and general corporate purposes.
The Benchmark Company LLC, a StoneX Company, acted as sole placement agent and financial advisor for the transaction. Lucosky Brookman LLP served as counsel to The Benchmark Company LLC in connection with the offering.
