Richtech Robotics Announces Closing of $21 Million Public Offering
September 03 2024 - 4:05PM
Richtech Robotics Inc. (Nasdaq: RR), (“Richtech Robotics” or the
“Company”), a Nevada-based provider of AI-driven service robots,
today announced the closing of its previously announced 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) and
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 have an exercise
price of $1.35 per share, are exercisable immediately upon issuance
and expire on the five-year anniversary of the initial issuance
date.
Rodman & Renshaw LLC acted as the exclusive
placement agent for the offering.
The aggregate gross proceeds to the Company from
the offering were 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 its product
candidates, and the procurement of inventory, specifically for
robotic hardware.
The securities described above were 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 was made only by means of a prospectus forming
part of the effective registration statements relating to the
offering. A final prospectus relating to the offering has been
filed with the SEC. Electronic copies of the final prospectus may
be obtained on the SEC’s website at http://www.sec.gov and may also
be obtained 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 anticipated use of
proceeds from the offering.
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 and other conditions. 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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