10:42 AM EDT, 09/11/2024 (MT Newswires) -- PureCycle Technologies ( PCT ) said Wednesday it expects to raise $90 million in gross proceeds with the issuance of series A preferred stock and sale of common shares to Sylebra Capital Management and Samlyn Capital.

The company will raise $50 million by issuing series A preferred stock that will mature in three years with an 8% return and $40 million by selling 8.5 million common shares to the investing firms.

Net proceeds will be used to market its purification recycling technology, PureCycle ( PCT ) said.

The transactions are expected to close on Friday.

Sylebra Capital's line of credit worth $200 million has also been extended to March 31, 2026.

Shares of PureCycle ( PCT ) rose more than 29% in recent trading activity Wednesday.

Price: 6.06, Change: +1.37, Percent Change: +29.10