SEALSQ Corp (NASDAQ:LAES) saw its stock drop 7.2% after revealing plans for a $60 million equity raise that could lead to notable dilution for current shareholders.
The company, specializing in semiconductors and post-quantum technology, disclosed it has signed a securities purchase agreement with institutional investors to sell 15 million ordinary shares bundled with warrants to buy up to 30 million additional shares. The total purchase price is set at $4.00 per share plus warrants, which the company highlighted as roughly a 10% premium over its closing price on July 11.
These warrants carry an exercise price of $4.60 each, are exercisable immediately, and will expire seven years from issuance. Heights Capital Management is leading the transaction, with Maxim Group LLC serving as the exclusive placement agent.
Carlos Moreira, SEALSQ’s President and CEO, said the funds will be directed toward accelerating the company’s post-quantum and quantum technology development, supporting strategic acquisitions, and covering general corporate expenses. The deal is anticipated to close around July 15, pending customary closing conditions.
Following completion, SEALSQ projects a pro-forma cash balance near $170 million, providing a strong financial base to fuel its next phase of growth in secure connected device technologies.
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