KULR - KULR Announces Pricing of $2.5 Million Public Offering of Common Stock | Benzinga
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: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 ...