Aqua Metals Prices $22 Million Public Offering of Common Stock
May 10 2019 - 9:00AM
Aqua Metals, Inc. (Nasdaq: AQMS) today announced that it has priced
its underwritten public offering of 11,000,000 shares of its common
stock at a public offering price of $2.00 per share. Aqua
Metals expects the gross proceeds from this offering to be
$22,000,000, before deducting the underwriting discount and other
estimated offering expenses. Aqua Metals has granted the
underwriters a 30-day option to purchase up to 1,650,000 additional
shares of common stock. Aqua Metals expects to close the
offering, subject to customary conditions, on or about May 14,
2019.
Aqua Metals intends to use the net proceeds from the offering
for working capital, which could include capital expenditures
related to addressing operational efficiencies and the expansion of
production activities at its initial AquaRefining facility at the
Tahoe Regional Industrial Center, McCarran, Nevada, and general
corporate purposes.
Oppenheimer & Co. Inc. is acting as sole book-running
manager for the offering. National Securities Corporation, a
wholly-owned subsidiary of National Holdings, Inc. (NasdaqCM:
NHLD), is acting as a co-manager in connection with the
offering.
The offering of common stock was made pursuant to Aqua Metals’
shelf registration statement filed with the Securities and Exchange
Commission (SEC) and declared effective. This press release
does not constitute an offer to sell, or the solicitation of an
offer to buy, these securities, nor will there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale is not permitted.
A preliminary prospectus supplement and accompanying prospectus
describing the terms of the proposed offering has been filed with
the SEC and a final prospectus supplement will be filed with the
SEC. Copies of the final prospectus supplement and the
accompanying prospectus relating to the securities being offered
may also be obtained, when available, from Oppenheimer & Co.
Inc. Attention: Syndicate Prospectus Department, 85 Broad Street,
26th Floor, New York, NY 10004, or by telephone at (212) 667-8055,
or by email at EquityProspectus@opco.com. Electronic copies
of the final prospectus supplement and accompanying prospectus will
also be available on the SEC's website at http://www.sec.gov.
Safe Harbor
This press release contains forward-looking
statements regarding the expected closing of the public offering
and the intended use of proceeds from the offering. The offering is
subject to customary closing conditions and there can be no
assurance as to whether or when the offering may be
completed. Forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause
actual results to differ materially, including those risks
disclosed under the caption "Risk Factors" in the preliminary
prospectus supplement related to the offering and Part II. Item 1A
of our Quarterly Report on Form 10-Q filed with the SEC on May 9,
2019. Aqua Metals cautions readers not to place undue
reliance on any forward-looking statements. The Company does
not undertake, and specifically disclaims any obligation, to update
or revise such statements to reflect new circumstances or
unanticipated events as they occur.
Contact: Alison Ziegler, Darrow Associates (201)
220-2678aziegler@darrowir.com
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