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HESPERIA, CA - 5E Advanced Materials, Inc. (NASDAQ:FEAM)(ASX:5EA) announced Thursday it has commenced an underwritten public offering of its common stock shares. The development stage company, which focuses on boron and advanced boron derivative materials, is offering all shares in this public offering. According to InvestingPro data, the company’s market capitalization stands at approximately $95 million, with the stock currently trading significantly below its 52-week high of $24.84.
According to a press release statement, Konik Capital Partners, LLC will serve as lead bookrunning manager for the proposed offering. The company intends to grant underwriters a 30-day option to purchase additional shares at the public offering price. The timing of this offering comes as InvestingPro analysis indicates the company is quickly burning through cash, with a negative free cash flow of $27.4 million in the last twelve months.
The offering is being made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission on December 20, 2023, which was declared effective on February 27, 2024.
The proposed offering remains subject to market conditions, with no guarantees regarding completion timing, size, or terms. A preliminary prospectus supplement related to the offering will be filed with the SEC.
5E Advanced Materials aims to become a vertically integrated supplier of boron specialty and advanced materials with lithium coproduct production. The company’s resource is located in Southern California and has been designated as Critical Infrastructure by the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency.
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