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Aqua Metals has closed an $8.05 million public offering of 20,125,000 shares of common stock and an equal number of non-redeemable warrants, including 2,625,000 shares and warrants from the underwriter's over-allotment option. Each share was priced at $0.39 and each warrant at $0.01. The company plans to use the proceeds for working capital and general corporate purposes, and to support a proposed $33 million secured credit facility. The Benchmark Company acted as the sole book-running manager for the offering. The securities were registered with the SEC, and the final prospectus is available on the SEC's website.
Aqua Metals has made significant strides in its circular supply chain strategy, bolstered by a $40M capital infusion. The company reported its first-quarter 2024 results, highlighting a $7M equity raise and a $33M non-binding loan term sheet with a major private company. This funding will complete Phase One of the Sierra ARC buildout in 2024.
Key developments include a strategic partnership with 6K Energy, an economic incentive package worth $2.2M, and a $371,000 DOE grant. Despite these achievements, Aqua Metals had no significant revenue in Q1 2024, with operating expenses up by 107% to $2.2M. The company posted an operating loss of $5.8M, compared to $4.5M in Q1 2023. General and administrative costs remained steady, and the net loss per share was $(0.05), slightly better than $(0.06) in Q1 2023. The company had $8.3M in cash as of March 31, 2024.
Aqua Metals (NASDAQ: AQMS) announced a non-binding term sheet for a $33 million secured credit facility with one of the world's largest privately held companies. The funding is aimed at completing Phase One of the Sierra ARC, a commercial lithium-ion battery recycling facility expected to be commissioned in 2024. Additionally, Aqua Metals announced a $7 million equity raise to support ongoing operations, expected to close on May 17, 2024. The term sheet's closing is targeted for June 30, 2024, pending due diligence and definitive agreements. This financing will help Aqua Metals advance its groundbreaking AquaRefining technology, which reduces waste and greenhouse gas emissions, contributing to a sustainable future.
Aqua Metals (Nasdaq: AQMS) announced a $7 million public offering of 17,500,000 shares of common stock and an equal number of non-redeemable warrants, priced at $0.39 and $0.01 per share and warrant, respectively. The offering, expected to close on May 17, 2024, includes a 30-day option for underwriters to purchase an additional 2,625,000 shares and warrants. The proceeds will support working capital, general corporate purposes, and a proposed $33 million secured credit facility to fund Phase One development of the Sierra AquaRefining Campus. The Benchmark Company, is managing the offering, with PADNOS participating strategically to bolster Aqua Metals' innovation in sustainable battery recycling.
Aqua Metals, a leader in sustainable lithium-ion battery recycling, has announced a public offering of common stock and warrants. The company plans to sell all the offered securities and will grant underwriters a 30-day option to purchase up to an additional 15% to cover over-allotments. The offering is expected to price around May 15, 2024. Proceeds will be used for working capital and general corporate purposes. The Benchmark Company, is the sole book-running manager for this offering. The common stock will be free trading, but the warrants will not be listed on Nasdaq. The offering is based on a registration statement filed with the SEC.
Aqua Metals, Inc. (NASDAQ: AQMS) is partnering in a $4.99 million DOE grant project with Pennsylvania State University to establish a domestic supply chain for critical minerals. The initiative, ACME-REVIVE, aims to extract rare earth elements and critical materials from coal, coal wastes, and coal by-products. Aqua Metals will produce battery-grade cobalt, manganese, nickel, and lithium, aligning with its mission for sustainable mineral supply chains. The project demonstrates Aqua Metals' innovative capabilities and commitment to sustainability, contributing to environmental remediation and the circular economy.
Aqua Metals, Inc. (NASDAQ: AQMS) will announce its first quarter 2024 financial results and host an investor conference call on May 15, 2024. The company will provide a business update after the market closes on May 15, 2024, followed by a conference call at 4:30 p.m. ET.
