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IRVINE, CA - Netlist, Inc. (OTCQB:NLST), currently trading at $1.03 with a market capitalization of $284 million, has entered into a definitive agreement to sell 17,142,860 shares of common stock and warrants to purchase up to 34,285,720 additional shares in a registered direct offering, according to a press release statement.
The combined purchase price is $0.70 per share and accompanying warrants. For each share purchased, investors will receive warrants to purchase up to two additional shares at an exercise price of $0.70 per share. The warrants will be immediately exercisable and expire five years after issuance. According to InvestingPro data, the company has shown strong revenue growth of 46% in the last twelve months, though maintaining a "Fair" overall financial health score.
Chun K. Hong, Netlist’s President, CEO, and Board Chairman, has committed to purchase $3.0 million in the offering under the same terms as other investors. The transaction is expected to close on or about June 25, 2025, subject to customary closing conditions.
Roth Capital Partners is serving as the exclusive placement agent for the offering, which is expected to generate $12.0 million in gross proceeds before deducting fees and expenses. Netlist plans to use the net proceeds for general corporate purposes, including working capital.
The offering is being made through a shelf registration statement on Form S-3 (File No. 333-280985) that was filed with the SEC on July 24, 2024, amended on August 7, 2024, and declared effective on August 14, 2024.
Netlist describes itself as a leading innovator in advanced memory and storage solutions with a portfolio of patented technologies for AI computing. The company’s detailed financial analysis and growth prospects are available in the comprehensive Pro Research Report, one of 1,400+ reports available exclusively on InvestingPro.
In other recent news, Netlist, Inc. reported significant legal and corporate developments. A federal court upheld a $445 million jury verdict against Micron Technology for patent infringement, affirming that Micron willfully infringed on Netlist’s patented memory technologies. This decision concludes the case at the district court level, covering specific patent infringements from 2021 to 2024. Additionally, Netlist has strengthened its board of directors by appointing Jun S. Cho and Blake Welcher as independent members. Cho and Welcher bring extensive experience in technology licensing and intellectual property, enhancing the company’s strategic advisory capabilities. These recent developments highlight the ongoing legal and strategic efforts by Netlist to protect and advance its patented technologies. The court’s ruling, however, could still face an appeal, potentially extending the legal proceedings.
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