Atomera Announces Closing of Public Offering

Rhea-AI Summary

Atomera Incorporated (NASDAQ: ATOM) has successfully closed an offering of 2,024,000 shares of common stock at $5.00 per share, generating approximately $10 million in gross proceeds. The offering included 264,000 shares sold due to the underwriter's full overallotment option. The net proceeds will be allocated for working capital and corporate purposes, focusing on R&D, customer evaluations, and enhancing the engineering team. National Securities Corporation managed the offering, with the SEC declaring the registration effective.

Positive

• Successful closing of a $10 million stock offering.
• Intended use of proceeds for working capital and R&D could enhance future growth.

Negative

• The stock offering may lead to dilution of existing shares.

LOS GATOS, Calif., May 15, 2020 (GLOBE NEWSWIRE) -- Atomera Incorporated (NASDAQ: ATOM), a semiconductor materials and intellectual property licensing company focused on deploying its proprietary technology into the semiconductor industry, today announced the closing of its previously announced offering of 2,024,000 shares of common stock at a public offering price of $5.00 per share. The total offering included 264,000 shares sold as a result of the underwriter’s exercise of its overallotment option in full.

Gross proceeds to Atomera from this offering are approximately $10 million before deducting underwriting discounts, commissions and other offering expenses. Atomera intends to use the net proceeds from the offering for working capital and general corporate purposes, which could include capital and/or operating expenditures related to epitaxial deposition tools the Company may acquire or lease; wafer processing and metrology costs for internal R&D and customer evaluations; and increased engineering personnel supporting MST development and customer integration.

National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (NASDAQ: NHLD), acted as the sole book-running manager of the offering. The Liquid Venture Partners group at National Securities was responsible for sourcing and executing the offering.

The shares described above were offered pursuant to a registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission, or SEC. The final prospectus supplement and accompanying base prospectus relating to the offering may be obtained from National Securities Corporation, Attn: Charles Wanyama, ECM -Syndicate, 200 Vesey Street, 25th Floor New York, NY 10281, email: cwanyama@yournational.com, telephone: (212)-417-3634. Electronic copies of the final prospectus supplement and accompanying base prospectus are also available on the SEC’s website at http://www.sec.gov.

This press release shall not constitute an offer to sell or the 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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Atomera Incorporated
Atomera Incorporated (NASDAQ: ATOM) has developed Mears Silicon Technology™ ("MST®"), which increases performance and power efficiency in semiconductor transistors. MST® can be implemented using equipment already deployed in semiconductor manufacturing facilities and is complementary to other nano­-scaling technologies already in the semiconductor industry roadmap.

Safe Harbor
This press release contains forward-looking statements regarding the intended use of proceeds from the offering. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially, including those risks disclosed in the section “Risk Factors” included in the final prospectus supplement and accompanying base prospectus filed with the SEC on May 13, 2020. Atomera Incorporated 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.

Investor Contact:
Bishop IR
Mike Bishop
(415) 894-9633
investor@atomera.com

 

FAQ

What details are there about Atomera's recent stock offering?

Atomera closed an offering of 2,024,000 shares at $5.00 each, raising approximately $10 million.

What will Atomera do with the proceeds from the stock offering?

The proceeds will be used for working capital and corporate purposes, including R&D and increasing engineering personnel.

Who managed Atomera's stock offering?

National Securities Corporation acted as the sole book-running manager for the offering.

How does Atomera's stock offering affect existing shareholders?

The stock offering may result in dilution of existing shares.

What was the public offering price for Atomera's shares?

The public offering price was $5.00 per share.