Shares of Nano Nuclear Energy Inc (NNE) are down by 10.7% to $23.42 on Friday after the company announced an $18 million upsized offering of 900,000 shares of common stock and warrants at $20 per share.
The offering consists of 900,000 shares of common stock and 450,000 warrants at $20 each, with the goal of raising around $18 million. An additional 135,000 shares and 67,500 warrants may be purchased by the underwriter within the next 30 days.
The proceeds from the offering will be used to fund the development of NANO Nuclear’s micro nuclear reactors, including ZEUS and ODIN, as well as HALEU fuel transport technology, U.S. HALEU fuel fabrication, business development, and general corporate purposes. The offering is expected to close around July 15.
Investors considering NNE as a potential investment should take into account factors such as valuation metrics, price action, dividend payments, and buyback programs. While Nano Nuclear Energy does not currently pay a dividend, it may offer other ways to return value to shareholders.
Buyback programs, which can support share prices by providing demand, are another aspect to consider when evaluating a potential investment. NNE has a 52-week high of $37.51 and a low of $3.25, according to data from Benzinga Pro.