Aqua Metals raises $13 million from institutional investor

Aqua Metals Inc. (NASDAQ: AQMS) announced it raised $13 million in gross proceeds from an institutional investor through a registered direct offering and concurrent private placement. The company issued 1,133,794 shares of common stock and prefunded warrants at $11.34 per share.

The offering included unregistered warrants to purchase up to 1,133,794 additional shares at an exercise price of $11.34 per share. These warrants are immediately exercisable for five years following issuance. The transaction is expected to close on October 16, 2025.

Aqua Metals stated it intends to use the net proceeds for working capital and general corporate purposes. The Benchmark Company LLC served as sole placement agent and financial advisor for the transaction.

The common stock was offered under a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission on October 19, 2022. The unregistered warrants were offered through a private placement under Section 4(a)(2) of the Securities Act of 1933.

Aqua Metals operates in lithium battery recycling using its AquaRefining technology. The Reno, Nevada-based company focuses on producing battery materials for energy storage applications.

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