Overview
- The company agreed to sell 8,490,767 common shares in a private placement priced at the market under Nasdaq rules, with closing expected on or about October 10 subject to customary conditions.
- Management projects a cash position of roughly $600 million after the transaction closes.
- Proceeds are intended to fund development, construction and regulatory licensing of the KRONOS MMR Energy System, continue other microreactor efforts, pursue potential acquisitions and support general corporate needs.
- Shares fell roughly 12% to 17% following the financing disclosure as investors reacted to dilution.
- Separately, the company is launching an Illinois manufacturing and R&D hub tied to a more than $12 million investment, 50 planned jobs and $6.8 million in REV Illinois incentives in collaboration with the University of Illinois.