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Netcapital Inc. (NASDAQ:NCPL) filed a prospectus supplement Monday to offer up to $975,000 of its common stock through an at-the-market (ATM) program. The company previously entered into an ATM Agreement with H.C. Wainwright & Co., LLC on August 23, 2024, allowing it to sell shares of common stock with an aggregate sales price of up to $2,100,000.
Before this filing, Netcapital had sold approximately $2,099,667 in common stock under the agreement. The new prospectus supplement enables the company to issue and sell additional shares for up to $975,000. H.C. Wainwright & Co. continues to act as the sales agent for these transactions.
A legal opinion regarding the validity of the shares to be issued under the supplement was included as an exhibit to the filing.
Netcapital’s common stock and warrants are listed on The Nasdaq Stock Market LLC under the symbols NCPL and NCPLW, respectively.
This information is based on a press release statement contained in the company’s Form 8-K filing with the U.S. Securities and Exchange Commission.
In other recent news, Netcapital Inc. has issued convertible promissory notes amounting to $126,320 through agreements with 1800 Diagonal Lending LLC. These notes, carrying a 12% interest rate, are set to mature on February 28, 2026, and are convertible into common stock under certain conditions. Additionally, Netcapital issued unsecured, non-convertible promissory notes totaling $600,000, with an 8% annual interest rate, maturing in three months. The proceeds from these notes are intended for general working capital purposes. Furthermore, Netcapital has filed amendments to its Articles of Incorporation to authorize the issuance of up to 10,000,000 shares of "blank check" preferred stock. This move increases the company's authorized capital to 910,000,000 shares, incorporating 900,000,000 shares of common stock and the newly authorized preferred shares. The preferred stock authorization aims to provide Netcapital with flexible financial instruments for future financing and strategic initiatives. These developments are part of Netcapital's strategy to enhance financial flexibility and support growth initiatives.
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