NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear”), an
emerging vertically integrated microreactor and advanced nuclear
technology company led by a world-class nuclear engineering team
developing proprietary, portable, and clean energy solutions, is
pleased to announce the closing today of the sale of an additional
384,375 shares of its common stock at $4.00 per share pursuant to
the full exercise of underwriter’s over-allotment option granted in
connection with the NANO Nuclear’s initial public offering which
closed on May 10, 2024.
The gross proceeds from NANO Nuclear’s initial
public offering, inclusive of the full over-allotment exercise,
before deducting underwriting discounts and commissions and other
offering expenses, were approximately $11,787,500, and net proceeds
were approximately $10,460,560.
NANO Nuclear’s common stock is traded on the
Nasdaq Capital Market under the symbol “NNE”.
NANO Nuclear believes that it is the first U.S.
publicly listed company focusing on the design and development of
portable, nuclear microreactors. According to the U.S. Department
of Energy, microreactor designs vary, but most are designed to
produce 1 to 20 megawatts of thermal energy that could be used
directly as heat or converted to electric power. NANO Nuclear’s
current microreactor designs are for reactors that would produce 1
to 5 megawatts. In addition, unlike other small or micro nuclear
reactor companies, NANO Nuclear is seeking to become diversified
and vertically integrated with multiple potential streams of
revenue, including microreactor development, nuclear fuel
fabrication and nuclear fuel transportation.
NANO Nuclear intends to use the net proceeds
from its initial public offering to continue the research and
development of its proprietary microreactor designs, ‘ZEUS’ and
‘ODIN’; advance its exclusive patented license to transport
commercial quantities of HALEU fuel needed for the future of the
advanced nuclear industry; develop a domestic source for a
High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline
for NANO Nuclear’s own microreactors and the broader advanced
nuclear reactor industry, as well as general corporate purposes and
working capital.
The Benchmark Company, LLC acted as the sole
book-running representative for the offering. Ellenoff Grossman
& Schole LLP acted as counsel to NANO Nuclear. Lucosky Brookman
LLP acted as counsel to The Benchmark Company. Withum Smith+Brown
PC are NANO Nuclear’s registered independent auditors.
A registration statement relating to NANO
Nuclear’s initial public offering was filed with the Securities and
Exchange Commission and was declared effective on May 6, 2024. This
registration statement can be obtained by visiting the SEC website
at www.sec.gov. Please see such registration statement for
additional information regarding NANO Nuclear.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About NANO Nuclear Energy
Inc.
NANO Nuclear Energy Inc. (NASDAQ:
NNE) is an emerging, advanced technology-driven nuclear
energy company seeking to become a commercially focused,
diversified, and vertically integrated company across four business
lines: (i) cutting edge portable microreactor technology, (ii)
nuclear fuel fabrication, (iii) nuclear fuel transportation and
(iv) nuclear industry consulting services. NANO Nuclear believes it
is the first nuclear microreactor company to be listed publicly in
the U.S.
Led by a world-class nuclear engineering team,
NANO Nuclear’s products in technical development are “ZEUS”, a
solid core battery reactor, and “ODIN”, a low-pressure coolant
reactor, each representing advanced developments in clean energy
solutions that are portable, on-demand capable, advanced nuclear
microreactors.
Advanced Fuel Transportation Inc.
(AFT), a NANO Nuclear subsidiary, is led by former
executives from the largest transportation company in the world
aiming to build a North American transportation company that will
provide commercial quantities of HALEU fuel to small modular
reactors, microreactor companies, national laboratories, military,
and DOE programs. Through NANO Nuclear, AFT is the exclusive
licensee of a patented high-capacity HALEU fuel transportation
basket developed by three major U.S. national nuclear laboratories
and funded by the Department of Energy. Assuming development and
commercialization, AFT is expected to form part of the only
vertically integrated nuclear fuel business of its kind in North
America.
HALEU Energy Fuel Inc. (HEF), a
NANO Nuclear subsidiary, is focusing on the future development of a
domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel
fabrication pipeline for NANO Nuclear’s own microreactors as well
as the broader advanced nuclear reactor industry.
For more corporate information please
visit: https://NanoNuclearEnergy.com/
For further information, please contact:
Email: IR@NANONuclearEnergy.comBusiness Tel: (212)
634-9206
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Cautionary Note Regarding Forward
Looking Statements
This news release and statements of NANO
Nuclear’s management in connection with this news release or
related events contain or may contain “forward-looking statements”
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended, and the Private Securities Litigation Reform Act
of 1995. In this context, forward-looking statements mean
statements related to future events, which may impact our expected
future business and financial performance, and often contain words
such as “expects”, “anticipates”, “intends”, “plans”, “believes”,
“potential”, “will”, “should”, “seek,” “could”, “would” or “may”
and other words of similar meaning. These forward-looking
statements (including statements regarding our business plans and
objectives as described herein) are based on information available
to us as of the date of this news release and represent
management’s current views and assumptions. Forward-looking
statements are not guarantees of future performance, events or
results and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control. For NANO Nuclear,
particular risks and uncertainties that could cause our actual
future results to differ materially from those expressed in our
forward-looking statements include but are not limited to the
following: (i) the early-stage nature of our company and the
significant time and funding it will take to reach the regulatory
approval and revenue generating stages; (ii) risks related to our
U.S. Department of Energy (“DOE”) nuclear fuel manufacturing
submission and the development of new or advanced technology,
including difficulties with design and testing, cost overruns,
development of competitive technology, (iii) our ability to obtain
contracts and funding to be able to continue operations; (iv) risks
related to uncertainty regarding our ability to commercially deploy
a competitive advanced nuclear microreactor technology, (iv) risks
related to the impact of government regulation and policies
including by the DOE and the U.S. Nuclear Regulatory Commission;
and similar risks and uncertainties associated with the business of
an early-stage up business operating a highly regulated industry.
These risk factors may not constitute all factors that could cause
actual results to differ from those discussed in any
forward-looking statement. Also, these and other risks concerning
our programs and operations are described in additional detail in
our Registration Statement on Form S-1, which was declared
effective on May 6, 2024, and our other SEC filings, which can be
accessed at https://www.sec.gov and our website at
https://ir.nanonuclearenergy.com/financial-information/sec-filings.
Accordingly, readers are cautioned not to place undue reliance on
these forward-looking statements, which apply only as of the date
of this news release, and all forward-looking statements should not
be relied upon as a predictor of actual results. We do not
undertake and expressly disclaim any obligation to update our
forward-looking statements to reflect events or circumstances that
may arise after the date of this news release, except as required
by law.
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