Benzinga | Feb 12, 2021 05:50AM EST

Fuel Tech Announced 5M Share (Plus Warrants to Purchase Up to 2.5M Shares) Private Placement Priced At-The-Market Under Nasdaq Rules @$5.1625/Share (With Warrant to Purchase 0.5 Shares)

Fuel Tech, Inc. (NASDAQ:FTEK) announced that it has entered into a definitive agreement with investors to purchase 5 million of its shares of common stock in a private placement priced at-the-market under Nasdaq rules. Additionally, the Company has also agreed to issue to the investors common stock purchase warrants to purchase up to an aggregate of 2.5 million shares of Common Stock. The combined purchase price for one share of common stock and a warrant to purchase half a share of common stock is $5.1625. The warrants have an exercise price of $5.10 per share, will be immediately exercisable, and will have a term of exercise that terminates 5.5 years following the effective date of the resale registration statement registering the shares and warrant shares.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds from the private placement are expected to be $25. 8 million before deducting placement agent fees and other estimated offering expenses. The private placement is expected to close on or about February 17, 2021, subject to the satisfaction of customary closing conditions.