SEALSQ Corp announced that it has entered into a securities purchase agreement with several institutional investors to raise approximately $125.0 million through a registered direct offering priced at-the-market under Nasdaq rules.
The offering consists of 30,413,630 ordinary shares, or pre-funded warrants in lieu thereof, along with accompanying warrants to purchase up to 60,827,260 additional ordinary shares. The combined purchase price for each ordinary share and its accompanying warrants, or pre-funded warrants, is $4.11.
The warrants issued in the transaction will have an exercise price of $5.50 per share, will be immediately exercisable, and will carry a term of seven years from the date of issuance.
The transaction is expected to generate gross proceeds of approximately $125.0 million before deducting commissions and offering-related expenses. An affiliate of Heights Capital Management is leading the offering, with Maxim Group LLC acting as the sole placement agent.
SEALSQ said it intends to use the net proceeds to reinforce its cash position and accelerate its post-quantum and quantum commercialization roadmap, including deployment initiatives in the United States and Europe.
