Nano Nuclear Energy Inc. ( NNE ) shares are trading lower on Monday after the company announced a $60 million private placement with three accredited institutional investors.

As part of the private placement, NANO Nuclear will issue 2.50 million shares of common stock and five-year warrants covering an additional 2.50 million shares, providing 100% warrant coverage.

Investors will pay $24.00 per share and associated warrant, with the warrants exercisable at $26.00 per share.

The financing boosts NANO Nuclear’s cash reserves to over $120 million, enabling the company to advance its microreactor technology, support auxiliary businesses, pursue strategic acquisitions, and drive growth toward initial revenue generation.

NANO Nuclear executed a definitive securities purchase agreement on November 24, with the private placement expected to close on November 27, pending customary conditions.

The Benchmark Company, LLC serves as the sole placement agent for the transaction.

NANO Nuclear has committed to file a registration statement with the SEC by January 15, 2025, to cover the resale of both the common stock shares and the shares underlying the warrants issued in the private placement.

Last week, Nano Nuclear Energy ( NNE ) announced that John Vonglis, former CFO of the U.S. Department of Energy, has taken an active corporate role at NANO Nuclear as executive director of Global Government Affairs.

His responsibilities include managing relationships with government agencies and aligning the company’s nuclear energy projects with public funding opportunities and policy initiatives.

Price Action: NNE shares are down 23.4% at $25.75 at the last check Monday.

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