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$20M raise to accelerate development of recycling tech in Aqua Metals

Thu, 11/17/2016 - 12:51 -- Xuan Zhong

US lead-acid recycling firm Aqua Metals has released two million shares of its common stock to the public— and raised $20 million in doing so.

The start-up is commercialising a non-polluting electrochemical lead recycling technology called AquaRefining™.

Stock began trading at $10 per share on November 16 and had gone up to $11.22 by the next day.

The firm intends to use the net proceeds from the offering to accelerate its AquaRefining™ product development and licensing efforts.

A 45-day option to purchase has also been granted to the underwriters by the company.

At the same price per share as the underwriters paid for the initial shares, an additional 300,000 shares to cover over-allotments in connection with the offering, which, if exercised in full, would increase the gross proceeds to $23 million.

The offering is expected to close on or about November 21, 2016, subject to customary closing conditions.