05:57 PM EDT, 06/11/2024 (MT Newswires) -- Montana Technologies ( AIRJ ) said Tuesday it is selling about 1.2 million shares to existing and new investors via private placement transactions to raise roughly $12 million.

The company said the proceeds will be used to expedite the commercialization of its AirJoule system, an atmospheric thermal energy and water harvesting technology.

Shares of the company rose over 5% in after-hours activity.

Price: 9.25, Change: +0.46, Percent Change: +5.23