07:32 AM EDT, 05/08/2024 (MT Newswires) -- NANO Nuclear Energy Inc. (NNE) said Tuesday that it has priced its initial public offering of about 2.6 million shares at $4 per share for gross proceeds of about $10.3 million.

The sole book-running manager of the offering will have a 30-day option to buy up to an additional 384,375 shares of common stock.

NANO Nuclear's shares have been approved for listing and are expected to start trading on the Nasdaq Capital Market under the symbol NNE on Wednesday. The offering is expected to close on Friday.

The company said it plans to use the net proceeds to continue the research and development of its proprietary micro nuclear reactor designs, to advance its exclusive licensed technology to transport and develop uranium, and for general corporate purposes and working capital.