Quanergy Announces Closing of $16.7 Million Upsized Underwritten Public Offering
November 02 2022 - 4:05PM
Business Wire
Quanergy Systems, Inc., (NYSE:QNGY) (“Quanergy” or the
“Company”) a leading provider of LiDAR sensors and smart 3D
solutions, today announced the closing of its previously announced
underwritten public offering for gross proceeds of approximately
$16.7 million prior to deducting underwriting discounts and
commissions and offering expenses.
The offering was comprised of 9,800,000 Units, with each Unit
consisting of one share of our common stock, par value $0.0001 per
share (the “Common Stock”) and two warrants to purchase one share
of our Common Stock (the “Unit Warrants” and, together with the
shares of Common Stock underlying such Unit Warrants, the “Units”)
at a public offering price of $1.70 per Unit. Each Unit Warrant has
an exercise price of $1.70 and is exercisable for one share of
Common Stock with a term of five years following the issuance
date.
Maxim Group LLC acted as sole book-running manager in connection
with this offering.
In addition, the company granted the underwriter a 30-day option
to purchase up to 1,470,000 additional shares of Common Stock,
and/or 2,940,000 Unit Warrants to purchase 2,940,000 shares of
Common Stock, solely to cover over-allotments, if any, at the
public offering price, less the underwriting discounts and
commissions, of which Maxim Group LLC partially exercised its
option to purchase such 2,940,000 Unit Warrants to purchase up to
2,940,000 shares of Common Stock.
The securities were offered pursuant to a registration statement
on Form S-1 (File No. 333-267420), which was declared effective by
the United States Securities and Exchange Commission (“SEC”) on
October 28, 2022. The offering was made solely by means of a
prospectus. A final prospectus relating to the offering was filed
with the SEC and is available on the SEC’s website at
http://www.sec.gov. Electronic copies of the final prospectus
relating to this offering may be obtained from Maxim Group LLC, 300
Park Avenue, 16th Floor, New York, New York 10022, at (212)
895-3745.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
About Quanergy Systems, Inc. Quanergy’s (NYSE: QNGY) mission is
to create powerful, affordable smart LiDAR solutions for IoT and
automotive applications to enhance people’s experiences and safety.
Through Quanergy’s smart LiDAR solutions, businesses can now
leverage real-time, advanced 3D insights to transform their
operations in a variety of industries including industrial
automation, physical security, smart cities, smart spaces and much
more. Quanergy solutions are deployed by nearly 400 customers
across the globe. For more information, please visit us at
www.quanergy.com.
Forward-Looking Statements This press release includes certain
statements that are not historical facts but are forward-looking
statements for purposes of the safe harbor provisions under the
United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally are accompanied by words such
as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “expect,” “should,” “would,” “plan,” “predict,”
“potential,” “seem,” “seek,” “future,” “outlook,” “project,” “will
likely result” and similar expressions that predict or indicate
future events or trends or that are not statements of historical
matters. All statements, other than statements of present or
historical fact included in this press release, are forward-looking
statements, including, but are not limited to, statements regarding
the closing of the underwritten offering and the over-allotment
option. These forward-looking statements involve significant risks
and uncertainties that could cause actual results to differ
materially from expected results. Most of these factors are outside
Quanergy’s control and are difficult to predict. Factors that may
cause such differences include, but are not limited to: Quanergy’s
history of operating losses; Quanergy’s ability to obtain
additional capital to meet its financial obligations and support
planned business growth; Quanergy’s ability to evaluate its
business and prospects; the risk that markets for LiDAR products,
including autonomous driving, security & smart spaces,
robotics, industrial and other commercial applications, develop
more slowly than Quanergy expects, or long- term end-customer
adoption rates and demand are slower than Quanergy expects; the
risk that Quanergy’s product integration could face complications
or unpredictable difficulties, which may adversely impact customer
adoption of its products; the competitive environment in which
Quanergy operates; the ability of Quanergy’s Optical Phased Array
(“OPA”) based product to meet industry requirements for range,
resolution or general performance; developments in alternative
non-LiDAR technologies may adversely affect the demand for LiDAR
sensors; Quanergy’s ability to effectively grow its global sales
and marketing organization, or maintain or grow an effective
network of distributors, value-added resellers, and integrators;
Quanergy’s business initiatives may prove more costly than its
currently anticipates; Quanergy’s limited manufacturing capacity
and dependence primarily on a small number of contract
manufacturers and manufacturing partners; Quanergy’s reliance on
sole source suppliers; the risk that Quanergy may incur significant
direct or indirect liabilities in connection with its product
warranties; Quanergy’s ability to maintain the listing of
Quanergy’s its securities on the New York Stock Exchange; Quanergy
has been and may continue to be subject to litigation regarding
intellectual property rights that could be costly, including claims
that it is infringing third-party intellectual property; Quanergy’s
ability to remain in compliance with numerous laws and governmental
regulations across various jurisdictions concerning the
manufacturing, use, distribution and sale of its products; global
supply chain frictions, the COVID-19 pandemic, Russia’s aggression
in Ukraine and other macroeconomic factors may adversely affect
Quanergy’s ability to source components in a timely or
cost-effective manner from our third-party suppliers due to, among
other things, work stoppages or interruptions; and other risks and
uncertainties indicated in Quanergy’s filings with the U.S.
Securities and Exchange Commission. In addition, forward-looking
statements reflect Quanergy’s expectations, plans or forecasts of
future events and views only as of the date of this press release.
Quanergy anticipates that subsequent events and developments will
cause its assessments to change. However, while Quanergy may elect
to update these forward-looking statements at some point in the
future, Quanergy specifically disclaims any obligation to do so,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20221102006021/en/
Media: Shannon Van Every media@quanergy.com
Investors: QuanergyIR@ICRinc.com
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