SAN DIEGO, CA - KULR Technology Group, Inc. (NYSE American: KULR), an electronic components and accessories manufacturer, announced today that it has entered into an at-the-market (ATM) equity offering agreement potentially worth up to $20 million. The agreement with Craig-Hallum Capital Group LLC allows the company to issue and sell shares of common stock from time to time at prevailing market prices or through negotiated transactions.
The ATM offering provides KULR with a flexible financing option to raise capital as needed, with Craig-Hallum Capital Group acting as sales agent or principal. Under the terms of the agreement, Craig-Hallum will receive a commission of 3% on the gross proceeds from any sales of KULR's common stock.
KULR has emphasized that there is no obligation on either side to execute any sales, leaving the timing and amount of any shares sold at the company's discretion. The effectiveness of the sales will depend on market conditions, and there is no guarantee that any shares will be sold under the agreement.
The shares available for sale under this agreement will be offered pursuant to a registration statement on Form S-3, which was filed with the Securities and Exchange Commission (SEC) on July 6, 2021, and declared effective on July 13, 2021. A prospectus supplement related to the ATM offering was also filed with the SEC today, in accordance with regulatory requirements.
This strategic move by KULR comes as the company continues to expand its operations and seeks to strengthen its financial position. The ATM offering could provide the necessary capital to support KULR's growth initiatives and operational needs.
The details of the ATM offering agreement have been outlined in the company's current report filed with the SEC, which includes the opinion of Sichenzia Ross Ference Carmel LLP regarding the validity of the shares of common stock to be offered.
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