07:37 AM EDT, 07/12/2024 (MT Newswires) -- Nano Nuclear Energy ( NNE ) said Friday it priced its underwritten public offering of 900,000 common shares and warrants to purchase 450,000 common shares at $20 each for gross proceeds of about $18 million.

The underwriter has been granted a 30-day option to purchase up to an additional 135,000 shares and/or associated warrants.

The warrants, which have a term of five years, can be exercised immediately for $20 per share.

Proceeds from the offering, which is set to close around July 15, will be used to fund the company's research and development of proprietary micronuclear reactor designs and advanced technology for transporting High-Assay, Low-Enriched Uranium fuel.

Shares of the company fell more than 8% in recent premarket trading.

Price: 24.06, Change: -2.18, Percent Change: -8.31