Overview

• About 70% of preferred shareholders took up their rights in the pay-to-play offering, with Temasek and GIC seeing their relative stakes shrink as BDC avoided dilution under prior terms.
• Segra Capital increased its stake to 12.5% as Adam Rodman joined the board, and PenderFund raised its holding to 11% with a new board seat; other participants included Thistledown, JIMCO, Chrysalix, MILFAM, Gaingels, Presight Capital and Hatch.
• General Fusion will concentrate LM26 on heating deuterium plasma to 10 million degrees within roughly a year as a step toward 100 million degrees and a scientific breakeven objective.
• The new capital is well short of the roughly $125 million previously sought to fully develop LM26 to the 100 million-degree target, leaving the larger funding need unresolved.
• The financing follows May layoffs of about 25% and tests that reported successful compression and heating on LM26, bringing total funding to roughly $366 million by published counts.