Atomera Incorporated Prices Underwritten Public Offering of Common Stock

Rhea-AI Summary

Atomera Incorporated (NASDAQ: ATOM) announced a public offering of 1,760,000 shares at $5.00 per share, aiming for gross proceeds of $8.8 million. The underwriters have a 45-day option for an additional 264,000 shares to cover over-allotments, potentially raising total proceeds to $10.12 million. The expected closing date is May 18, 2020. Proceeds will support working capital and corporate needs, including R&D and enhanced engineering personnel.

Positive

• Gross proceeds of $8.8 million from offering.
• Funds to support working capital and R&D efforts.
• Potential increase in proceeds to $10.12 million with over-allotment option.

Negative

• Dilution risk due to additional shares being offered.

LOS GATOS, Calif., May 13, 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 pricing of an underwritten public offering of 1,760,000 shares of its common stock at a price to the public of $5.00 per share, for gross proceeds of $8.8 million.  The Company has also granted to the underwriters a 45-day option to purchase, at the same price per share as the underwriters paid for the initial shares, an additional 264,000 shares to cover over-allotments in connection with the offering, which if exercised in full would increase the gross proceeds to $10,120,000.

The offering is expected to close on or about May 18, 2020, subject to customary closing conditions.

Atomera Incorporated 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), is acting as the sole book-running manager of the offering.  The Liquid Venture Partners group at National Securities is responsible for sourcing and executing the offering.

The shares described above are being offered by Atomera Incorporated pursuant to a registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission (“SEC”).   A preliminary prospectus supplement and accompanying base prospectus relating to the offering has been filed with the SEC and a final prospectus supplement and accompanying base prospectus will be filed with the SEC.  The final prospectus supplement and accompanying base prospectus will be 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.  Copies of the final prospectus supplement and accompanying base prospectus relating to this offering may be obtained, when available, 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.

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 nano­scaling technologies already in the semiconductor industry roadmap.

Safe Harbor
This press release contains forward-looking statements regarding the expected closing of public offering and the intended use of proceeds from the offering.  The offering is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of 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 preliminary prospectus supplement and accompanying base prospectus filed with the SEC on May 12, 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 is the purpose of the public offering by Atomera (ATOM)?

The public offering aims to raise funds for working capital and general corporate purposes, including R&D and hiring engineering personnel.

How many shares is Atomera offering and at what price?

Atomera is offering 1,760,000 shares at a price of $5.00 per share.

What are the gross proceeds expected from Atomera's offering?

The gross proceeds are expected to be $8.8 million, with a potential increase to $10.12 million if the over-allotment option is fully exercised.

When is the expected closing date for Atomera's public offering?

The expected closing date for the offering is May 18, 2020.

Who is managing Atomera's public offering?

National Securities Corporation is acting as the sole book-running manager of the offering.