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Investing.com -- SEALSQ Corp (NASDAQ:LAES) stock fell 7.2% following the company’s announcement of a $60 million share offering that will significantly dilute existing shareholders.
The semiconductor and post-quantum technology company revealed it has entered into a securities purchase agreement with institutional investors to sell 15 million ordinary shares with accompanying warrants to purchase up to 30 million additional shares. The combined purchase price is $4.00 per ordinary share with accompanying warrants, which the company noted represents a premium of about 10% to its closing price on July 11.
The warrants will have an exercise price of $4.60 per share, will be immediately exercisable, and will expire seven years after issuance. Heights Capital Management is leading the offering, with Maxim Group LLC acting as the sole placement agent.
Carlos Moreira, President and CEO of SEALSQ, stated that the company plans to use the proceeds to advance its post-quantum and quantum roadmap, pursue strategic acquisitions, and for general corporate purposes. The offering is expected to close around July 15, subject to customary closing conditions.
Upon completion, SEALSQ expects to have a pro-forma cash position of approximately $170 million, which the company says will provide a foundation for its next growth phase as it develops secure technologies for connected devices.
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