KULR Announces Pricing of $2.5 Million Public Offering of Common Stock

Rhea-AI Summary

KULR prices its underwritten public offering at $0.35 per share, expecting gross proceeds of approximately $2.5 million. CEO Michael Mo participates in the offering. The net proceeds will be used to pay off debt and for working capital.

KULR CEO to Participate in Public Offering as Company Pays Down Debt and Funds Growth

SAN DIEGO, Sept. 13, 2023 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the “Company” or “KULR”), a global leader in sustainable energy management, today announced that it has priced its underwritten public offering of 7,142,857 shares of its common stock at a public offering price of $0.35 per share. All shares of common stock in the underwritten public offering are to be sold by the Company. The Company expects the gross proceeds from this offering, led by participation from KULR Chief Executive Officer Michael Mo, to be approximately $2.5 million, before deducting the underwriting discount and other estimated offering expenses. The Company has granted the underwriters a 30-day option to purchase up to 1,071,428 additional shares of common stock. The Company expects to close the offering on September 15, 2023, subject to customary conditions.

The Company intends to use the net proceeds from the proposed offering to pay off certain amounts of the outstanding balance owed under its existing financing facility, as well as for working capital and general corporate purposes.

The Benchmark Company is acting as the sole book-running manager for the offering and Titan Partners Group, a division of American Capital Partners, LLC is acting as the co-manager.

The securities will be 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 will be 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 will be filed with the SEC and may be obtained, when available, for free on the SEC's website located at http://www.sec.gov. When available, electronic copies of the final prospectus supplement and accompanying prospectus relating to the offering may also be obtained from the offices of The Benchmark Company, LLC, 150 East 58^th Street, 17^th Floor, New York, NY 10155, by email at prospectus@benchmarkcompany.com, or by calling +1 (212)-312-6700. Before investing in this offering, interested parties should read in their entirety the final prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such final prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering.

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