KULR Announces Closing of $1.035 Million All-Common Stock Public Offering, Including Full Exercise of Over-Allotment Option

Rhea-AI Summary

KULR Technology Group, Inc. (NYSE American: KULR) announced the closing of its $1.035 million underwritten public offering of 5,175,000 shares of its common stock at a price of $0.20 per share. The net proceeds will be used for repayment of certain amounts owed and for general corporate and working capital purposes.

Insights

Financial Analyst

The closing of KULR Technology Group's underwritten public offering, raising $1.035 million through the sale of 5,175,000 shares, including an over-allotment option, is a significant financial event for the company. The pricing of shares at $0.20, before underwriter discounts and commissions, is a critical data point, as it reflects the market's valuation of the company at the time of the offering.

Investors and stakeholders should consider how this capital infusion will affect the company's balance sheet and liquidity. The intended use of proceeds for repaying debts and supporting general corporate and working capital purposes suggests a strategic move to strengthen the company's financial position. However, the impact on existing shareholders' equity due to potential dilution is an important consideration.

It is also noteworthy that the offering was conducted under a shelf registration, which allows for a more expedited process of capital raising when needed, indicating KULR's proactive approach to financing strategies.

Industry Analyst

In the context of the sustainable energy management sector, KULR Technology Group's recent capital raise can be seen as a strategic step towards maintaining or accelerating its competitive position. The sector is capital-intensive, with significant investments required for research and development, scaling production capabilities and market expansion. The company's decision to allocate funds for general corporate purposes and working capital indicates a focus on operational growth and possibly, innovation.

Understanding the competitive landscape, it is crucial to assess whether the amount raised aligns with industry norms for similar stages of growth and how it positions KULR in relation to its peers. This funding could provide the company with the necessary resources to capitalize on emerging opportunities within the sustainable energy management industry or to refine its technology offerings.

Legal Expert

The legal implications of KULR's public offering are rooted in the adherence to SEC regulations, as evidenced by the use of a shelf registration statement and the filing of a prospectus supplement. Compliance with such regulations is essential for the legitimacy of the offering and to avoid potential legal pitfalls. Prospective and current investors should be aware that the offering's legality is contingent upon registration and qualification under the applicable securities laws, as stated in the press release.

Furthermore, the availability of the prospectus on the SEC's website provides transparency and ensures that all material information is accessible to the public, which is a critical aspect of securities law compliance. The role of R.F. Lafferty & Co., Inc. as the sole book-running manager also underscores the importance of having experienced financial institutions oversee such transactions to ensure adherence to legal and regulatory standards.

SAN DIEGO, Dec. 22, 2023 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a global leader in sustainable energy management, today announced the closing of its $1.035 million underwritten public offering of 5,175,000 shares of its common stock, including 675,000 shares of its common stock issued pursuant to the full exercise by the underwriter of its over-allotment option. The public offering price, before the underwriter’s discount and commissions, for each share of common stock was $0.20. All of the securities in the underwritten public offering were sold by the Company.

KULR will use a portion of the net proceeds from this offering to repay certain amount owed to Yorkville and for general corporate and working capital purposes.

R.F. Lafferty & Co., Inc. is acting as the sole book-running manager for the offering.

The securities were offered and sold pursuant to a shelf registration statement on Form S-3 (File No. 333-257697), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 6, 2021 and declared effective on July 13, 2021. The offering was made only by means of a written prospectus. A preliminary prospectus supplement and accompanying prospectus describing the terms of the offering has been filed with the SEC on its website at www.sec.gov. A copy of the final prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and may be obtained for free on the SEC's website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and accompanying prospectus relating to the offering may also be obtained from the offices of R.F. Lafferty & Co., Inc., 40 Wall Street, 27th floor, New York, NY 10005, by email offerings@rflafferty.com, or by calling 212-293-9090.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, 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 KULR Technology Group Inc.
KULR Technology Group Inc. (NYSE American: KULR) is a leading energy management platform company offering proven solutions that play a critical role in accelerating the electrification of the circular economy. Leveraging a foundation in developing, manufacturing, and licensing next-generation carbon fiber thermal management technologies for batteries and electronic systems, KULR has evolved its holistic suite of products and services to enable its customers across disciplines to operate with efficiency and sustainability in mind. For more information, please visit www.kulrtechnology.com.

Safe Harbor Statement
This press release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 28, 2023, as may be amended or supplemented by other reports we file with the Securities and Exchange Commission from time to time. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. Except as required by law, we assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise. 

Investor Relations:
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: ir@kulrtechnology.com

Media Relations:
Further PR
Email: press@furtherpr.com

FAQ

What did KULR Technology Group, Inc. announce?

KULR Technology Group, Inc. announced the closing of its $1.035 million underwritten public offering of 5,175,000 shares of its common stock.

What is the stock symbol for KULR Technology Group, Inc.?

The stock symbol for KULR Technology Group, Inc. is KULR.

What was the offering price for each share of common stock?

The offering price for each share of common stock was $0.20.

How will the net proceeds from the offering be used?

The net proceeds from the offering will be used to repay certain amounts owed and for general corporate and working capital purposes.