NANO Nuclear Energy raises $400 million in private placement

NANO Nuclear Energy Inc. (NASDAQ: NNE) completed a $400 million oversubscribed private placement of common stock with institutional investors, the company announced Thursday.

The nuclear energy company sold 8,490,767 shares of common stock in the private placement, which was led by asset managers and included both new and existing institutional investors. The financing brings NANO Nuclear's cash position to approximately $600 million.

NANO Nuclear plans to use the proceeds to advance development and regulatory licensing activities for its KRONOS MMR Energy System micro reactor program, continue development of other micro reactor projects, pursue potential strategic acquisitions, and for general corporate purposes.

"This financing is another significant milestone in our mission to build a fully integrated advanced nuclear energy company," said Jay Yu, founder and chairman of NANO Nuclear. The company expects to begin geotechnical investigations in the coming weeks as part of constructing its KRONOS MMR reactor on the University of Illinois Urbana-Champaign campus.

NANO Nuclear is preparing to submit a Construction Permit Application to the U.S. Nuclear Regulatory Commission for its KRONOS program. The company describes itself as focused on developing portable and other microreactor technologies, nuclear fuel fabrication, nuclear fuel transportation, nuclear applications for space, and nuclear industry consulting services.

Titan Partners Group, a division of American Capital Partners, acted as the sole placement agent for the offering. The securities sold have not been registered under the Securities Act of 1933 and cannot be offered or sold in the United States without registration or an applicable exemption.

NANO Nuclear has agreed to file a resale registration statement with the SEC for the shares issued in the private placement.

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