Overview

• About 70% of existing preferred shareholders purchased their pro‑rata rights in the deal, preserving their stakes.
• Segra Capital and PenderFund increased their holdings and gained board seats, with Adam Rodman and Kelly Edmison joining respectively.
• Non-participating backers including Temasek and GIC saw their stakes diluted, while BDC was protected from dilution by earlier terms.
• The capital extends runway to operate the half‑scale LM26 device in Richmond, B.C., with goals to heat plasma to 10 million and 100 million degrees Celsius.
• The raise follows May layoffs of roughly 25% of staff after disclosed financing constraints, and the company cites a goal of delivering grid power in the mid‑2030s.