Richtech Robotics Announces Pricing of Upsized $21 Million Public Offering
August 29 2024 - 10:48PM
Richtech Robotics Inc. (Nasdaq: RR), (“Richtech Robotics” or the
“Company”), a Nevada-based provider of AI-driven service robots,
today announced the pricing of an upsized public offering of an
aggregate of 15,555,557 shares of its Class B common stock (or
Class B common stock equivalents in lieu thereof), warrants to
purchase up to 15,555,557 shares of Class B common stock (the
“Warrants”), at a combined public offering price of $1.35 per share
(or per Class B common stock equivalent in lieu thereof) and
accompanying Warrant. The Warrants will have an exercise price of
$1.35 per share, will be exercisable immediately upon issuance and
will expire on the five year anniversary of the initial issuance
date. The closing of the offering is expected to occur on or about
September 3, 2024, subject to the satisfaction of customary closing
conditions.
Rodman & Renshaw LLC is acting as the
exclusive placement agent for the offering.
The aggregate gross proceeds to the Company from
the offering are expected to be approximately $21 million before
deducting the placement agent’s fees and other offering expenses
payable by the Company. The potential additional gross proceeds to
the Company from the Warrants, if fully exercised on a cash basis,
will be approximately $21 million. No assurance can be given that
any of the Warrants will be exercised. The Company intends to use
the net proceeds from this offering for working capital, general
corporate purposes, including the further development of our
product candidates, and the procurement of inventory, specifically
for robotic hardware.
The securities described above are being offered
pursuant to a registration statement on Form S-1 (File No.
333-281789) (the “Registration Statement”), which was declared
effective by the Securities and Exchange Commission (the “SEC”) on
August 29, 2024, and an additional registration statement on Form
S-1 filed pursuant to Rule 462(b) under the Securities Act of 1933,
as amended, which became automatically effective on August 29,
2024. The offering is being made only by means of a prospectus
forming part of the effective registration statements relating to
the offering. A preliminary prospectus relating to the offering has
been filed with the SEC and a final prospectus relating to the
offering will be filed with the SEC. Electronic copies of the final
prospectus, when available, may be obtained on the SEC’s website at
http://www.sec.gov and may also be obtained, when available, by
contacting Rodman & Renshaw LLC at 600 Lexington Avenue, 32nd
Floor, New York, NY 10022, by telephone at (212) 540-4414, or by
email at info@rodm.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
described herein, nor shall there be any sale of these securities
in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.
About Richtech Robotics
Richtech Robotics is a provider of collaborative
robotic solutions specializing in the service industry, including
the hospitality and healthcare sectors. Our mission is to transform
the service industry through collaborative robotic solutions that
enhance the customer experience and empower businesses to achieve
more. By seamlessly integrating cutting-edge automation, we aspire
to create a landscape of enhanced interactions, efficiency, and
innovation, propelling organizations toward unparalleled levels of
excellence and satisfaction. Learn more at www.RichtechRobotics.com
and connect with us on X (Twitter), LinkedIn, and YouTube.
Forward Looking Statements
Certain statements in this press release are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements may be identified
by the use of forward-looking words such as “anticipate,”
“believe,” “forecast,” “estimate,” “expect,” and “intend,” among
others. Forward-looking statements are predictions, projections and
other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Such forward-looking statements include, but are
not limited to, statements regarding the completion of the
offering, the satisfaction of customary closing conditions related
to the offering and the anticipated use of proceeds therefrom.
These forward-looking statements are based on
Richtech Robotics’ current expectations and actual results could
differ materially. There are a number of factors that could cause
actual events to differ materially from those indicated by such
forward-looking statements include, among others, risks and
uncertainties related to market conditions and the satisfaction of
closing conditions related to the proposed public offering.
Investors should read the risk factors set forth in Richtech
Robotics’ Annual Report on Form 10-K/A, filed with the SEC on March
27, 2024, the Registration Statement and periodic reports filed
with the SEC on or after the date thereof. All of Richtech
Robotics’ forward-looking statements are expressly qualified by all
such risk factors and other cautionary statements. The information
set forth herein speaks only as of the date thereof. New risks and
uncertainties arise over time, and it is not possible for Richtech
Robotic to predict those events or how they may affect Richtech
Robotic. If a change to the events and circumstances reflected in
Richtech Robotics’ forward-looking statements occurs, Richtech
Robotics’ business, financial condition and operating results may
vary materially from those expressed in Richtech Robotics’
forward-looking statements.
Readers are cautioned not to put undue reliance
on forward-looking statements, and Richtech Robotic assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact:
Investors:CORE IRMatt
Blazeiir@richtechrobotics.com
Media: Timothy TanksleyDirector of
MarketingRichtech Robotics,
Incpress@richtechrobotics.com702-534-0050
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