PureCycle Announces Financing Transaction for $33 Million
PureCycle Technologies (PCT) has secured a $33 million financing transaction with participation from Pleiad Investment Advisors , Sylebra Capital Management, and Samlyn Capital, . The transaction is expected to close on February 6, 2025.
The raised capital will support PureCycle's efforts to commercialize its patented dissolution recycling process. CEO Dustin Olson highlighted the company's progress with trials and ongoing pursuit of commercial success in fiber and other applications.
The investment was made through a private placement of common stock shares, which are not registered under the Securities Act of 1933. PureCycle has agreed to register the resale of these shares with the SEC.
PureCycle Technologies (PCT) ha ottenuto un finanziamento di 33 milioni di dollari con la partecipazione di Pleiad Investment Advisors, Sylebra Capital Management e Samlyn Capital. Si prevede che la transazione si concluda il 6 febbraio 2025.
Il capitale raccolto supporterà gli sforzi di PureCycle per commercializzare il suo processo di riciclo a dissoluzione brevettato. Il CEO Dustin Olson ha sottolineato i progressi dell'azienda con i trial e la continua ricerca di successo commerciale nelle applicazioni relative alle fibre e ad altri settori.
L'investimento è stato effettuato attraverso un collocamento privato di azioni ordinarie, che non sono registrate ai sensi del Securities Act del 1933. PureCycle ha concordato di registrare la rivendita di queste azioni con la SEC.
PureCycle Technologies (PCT) ha conseguido una transacción financiera de 33 millones de dólares con la participación de Pleiad Investment Advisors, Sylebra Capital Management y Samlyn Capital. Se espera que la transacción se cierre el 6 de febrero de 2025.
El capital recaudado apoyará los esfuerzos de PureCycle para comercializar su proceso de reciclaje por disolución patentado. El CEO Dustin Olson destacó el progreso de la empresa con las pruebas y la búsqueda continua del éxito comercial en aplicaciones de fibra y otros campos.
La inversión se realizó a través de una colocación privada de acciones ordinarias, que no están registradas bajo la Ley de Valores de 1933. PureCycle ha acordado registrar la reventa de estas acciones ante la SEC.
PureCycle Technologies (PCT)가 Pleiad Investment Advisors, Sylebra Capital Management, Samlyn Capital의 참여로 3,300만 달러의 자금 조달을 확보했습니다. 이 거래는 2025년 2월 6일에 마감될 것으로 예상됩니다.
모금된 자본은 PureCycle이 특허 받은 용해 재활용 프로세스를 상용화하는 데 지원할 것입니다. CEO 더스틴 올슨은 시험 진행 상황과 섬유 및 기타 응용 프로그램에서 상업적 성공을 지속적으로 추구하고 있음을 강조했습니다.
이러한 투자는 1933년 증권법에 따라 등록되지 않은 보통주 주식의 사모 배치를 통해 이루어졌습니다. PureCycle은 SEC에 이러한 주식의 재판매 등록을 하기로 합의했습니다.
PureCycle Technologies (PCT) a sécurisé une transaction de financement de 33 millions de dollars avec la participation de Pleiad Investment Advisors, Sylebra Capital Management et Samlyn Capital. La transaction devrait se clôturer le 6 février 2025.
Le capital levé soutiendra les efforts de PureCycle pour commercialiser son procédé de recyclage par dissolution breveté. Le PDG Dustin Olson a souligné les progrès de l'entreprise dans les essais et la recherche continue du succès commercial dans les applications liées aux fibres et autres.
L'investissement a été réalisé par le biais d'un placement privé d'actions ordinaires, qui ne sont pas enregistrées conformément à la Securities Act de 1933. PureCycle a accepté d'enregistrer la revente de ces actions auprès de la SEC.
PureCycle Technologies (PCT) hat eine Finanzierungsrunde über 33 Millionen Dollar mit der Beteiligung von Pleiad Investment Advisors, Sylebra Capital Management und Samlyn Capital gesichert. Die Transaktion soll am 6. Februar 2025 abgeschlossen werden.
Das eingesammelte Kapital wird die Bemühungen von PureCycle unterstützen, ihren patentierten Lösungsmittel-Recyclingprozess zu kommerzialisieren. CEO Dustin Olson hob die Fortschritte des Unternehmens bei den Studien und den fortwährenden Bestrebungen nach kommerziellem Erfolg in der Faser- und anderen Anwendungen hervor.
Die Investition wurde durch eine private Platzierung von Stammaktien vorgenommen, die nicht unter dem Securities Act von 1933 registriert sind. PureCycle hat sich bereit erklärt, den Wiederverkauf dieser Aktien bei der SEC zu registrieren.
- Secured $33 million in new financing
- Attracted investment from three institutional investors
- Making progress with product trials
- Shares issued through private placement may cause dilution
- Unregistered shares have liquidity until SEC registration
Insights
The $33 million private placement represents a strategic capital infusion for PureCycle Technologies at a important juncture in its commercialization journey. The participation of sophisticated investors like Pleiad Investment Advisors, Sylebra Capital and Samlyn Capital is particularly noteworthy, as these firms are known for their thorough due diligence and long-term investment approach in emerging technologies.
This financing provides several key advantages for PCT: First, it strengthens the company's balance sheet, potentially extending its operational runway and supporting critical commercialization initiatives, particularly in fiber applications where early trials have shown promise. Second, the private placement structure allows for a more efficient capital raise compared to public offerings, though it does come with some dilution for existing shareholders.
The timing of this investment is significant, coming as PCT advances its commercial trials. The endorsement from these institutional investors could catalyze additional strategic partnerships and customer relationships, particularly important in the current market environment where sustainability-focused companies face increased scrutiny over their technological and commercial viability.
Key considerations for investors include:
- The transaction's structure as unregistered shares (to be registered later) indicates a longer-term investment horizon from these institutional partners
- The continued focus on fiber applications suggests promising market opportunities in this sector
- The addition of these institutional investors could bring valuable industry connections and expertise to support PCT's growth strategy
ORLANDO, FL / ACCESS Newswire / February 5, 2025 / PureCycle Technologies, Inc. (Nasdaq:PCT), today, entered into a transaction anchored by Pleiad Investment Advisors Limited, with participation from Sylebra Capital Management, and Samlyn Capital, LLC to raise gross proceeds of
The capital raised is expected to assist PureCycle in its efforts to continue bringing its patented dissolution recycling process to market. The investment from Pleiad Investment Advisors Limited, Sylebra Capital Management, and Samlyn Capital, LLC highlights their confidence in the Company's technology and leadership position in the growing sustainability market.
PureCycle CEO Dustin Olson said, "We're excited to bring on a new partner like Pleiad Investment Advisors. We are making material progress with trials and are continuing to pursue commercial success in fiber and other applications."
Pleiad Director Kenneth Lee said, "We've been following PureCycle for a while now and are excited to partner with the company. We are extremely encouraged by the commercial applications and demand for PureCycle's products. We have been impressed with the Company's operational progress and tireless pursuit to get to this point. We are thrilled to be able to be invested with such a talented and focused team."
The offer and sale of the shares of common stock to be sold in the private placement are being made in a transaction not involving a public offering, and the shares have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any applicable state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and such applicable state securities laws. PureCycle has agreed to register the resale of the shares of common stock to be issued in the private placement with the Securities and Exchange Commission.
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.
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PureCycle Contact
Christian Bruey
cbruey@purecycle.com
Investor Relations Contact
Eric DeNatale
edenatale@purecycle.com
About PureCycle Technologies
PureCycle Technologies LLC., a subsidiary of PureCycle Technologies, Inc., holds a global license for the only patented solvent-driven purification recycling technology, developed by The Procter & Gamble Company (P&G), that is designed to transform polypropylene plastic waste (designated as No. 5 plastic) into a continuously renewable resource. The unique purification process removes color, odor, and other impurities from No. 5 plastic waste resulting in an ultra-pure recycled (UPR) plastic that can be recycled and reused multiple times, changing our relationship with plastic. www.purecycle.com
Forward-Looking Statements
This press release contains forward-looking statements, including statements about the expected timing of the closing of the private placement and the expected use of proceeds from the private placement. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements generally relate to future events or PureCycle's future financial or operating performance and may refer to projections and forecasts. Forward-looking statements are often identified by future or conditional words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current expectations of PureCycle's management and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section entitled "Risk Factors" in each of PureCycle's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and PureCycle's Quarterly Reports on Form 10-Q for various quarterly periods, those discussed and identified in other public filings made with the Securities and Exchange Commission by PureCycle and the following: PCT's ability to obtain funding for its operations and future growth and to continue as a going concern; PCT's ability to meet, and to continue to meet, applicable regulatory requirements for the use of PCT's ultra-pure recycled ("UPR") resin in food grade applications (including in the United States, Europe, Asia and other future international locations); PCT's ability to comply on an ongoing basis with the numerous regulatory requirements applicable to the UPR resin and PCT's facilities (including in the United States, Europe, Asia and other future international locations); expectations and changes regarding PCT's strategies and future financial performance, including its future business plans, expansion plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and PCT's ability to invest in growth initiatives; the ability of PCT's first commercial-scale recycling facility in Lawrence County, Ohio (the "Ironton Facility") to be appropriately certified by Leidos, following certain performance and other tests, and commence full-scale commercial operations in a timely and cost-effective manner or at all; PCT's ability to meet, and to continue to meet, the requirements imposed upon it and its subsidiaries by the funding for its operations, including the funding for the Ironton Facility; PCT's ability to minimize or eliminate the many hazards and operational risks at its manufacturing facilities that can result in potential injury to individuals, disrupt its business (including interruptions or disruptions in operations at its facilities), and subject PCT to liability and increased costs; PCT's ability to complete the necessary funding with respect to, and complete the construction of, (i) its first U.S. multi-line facility, located in Augusta, Georgia, and (ii) its first commercial-scale European plant located in Antwerp, Belgium, in a timely and cost-effective manner; PCT's ability to procure, sort and process polypropylene plastic waste at its planned plastic waste prep facilities; PCT's ability to maintain exclusivity under the Procter & Gamble Company license; the implementation, market acceptance and success of PCT's business model and growth strategy; the success or profitability of PCT's offtake arrangements; the ability to source feedstock with a high polypropylene content at a reasonable cost; PCT's future capital requirements and sources and uses of cash; developments and projections relating to PCT's competitors and industry; the outcome of any legal or regulatory proceedings to which PCT is, or may become, a party including the securities class action and putative class action cases; geopolitical risk and changes in applicable laws or regulations; the possibility that PCT may be adversely affected by other economic, business, and/or competitive factors, including interest rates, availability of capital, economic cycles, and other macro-economic impacts; turnover in employees and increases in employee-related costs; changes in the prices and availability of labor (including labor shortages), transportation and materials, including inflation, supply chain conditions and its related impact on energy and raw materials, and PCT's ability to obtain them in a timely and cost-effective manner; any business disruptions due to political or economic instability, pandemics, armed hostilities (including the ongoing conflict between Russia and Ukraine and the conflict in the Middle East); the potential impact of climate change on PCT, including physical and transition risks, higher regulatory and compliance costs, reputational risks, and availability of capital on attractive terms; and operational risk.
SOURCE: PureCycle Technologies
View the original press release on ACCESS Newswire
FAQ
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