KULR Announces Pricing of $2.5 Million Public Offering of Common Stock
September 13 2023 - 7:00AM
KULR Technology Group, Inc. (NYSE American: KULR)
(the “Company” or “KULR”), a global leader in sustainable energy
management, today announced that it has priced its underwritten
public offering of 7,142,857 shares of its common stock at a public
offering price of $0.35 per share. All shares of common stock in
the underwritten public offering are to be sold by the Company. The
Company expects the gross proceeds from this offering, led by
participation from KULR Chief Executive Officer Michael Mo, to be
approximately $2.5 million, before deducting the underwriting
discount and other estimated offering expenses. The Company has
granted the underwriters a 30-day option to purchase up to
1,071,428 additional shares of common stock. The Company expects to
close the offering on September 15, 2023, subject to customary
conditions.
The Company intends to use the net proceeds from
the proposed offering to pay off certain amounts of the outstanding
balance owed under its existing financing facility, as well as for
working capital and general corporate purposes.
The Benchmark Company is acting as the sole
book-running manager for the offering and Titan Partners Group, a
division of American Capital Partners, LLC is acting as the
co-manager.
The securities will be offered and sold pursuant
to a shelf registration statement on Form S-3 (File No.
333-257697), including a base prospectus, filed with the U.S.
Securities and Exchange Commission (the “SEC”) on July 6, 2021 and
declared effective on July 13, 2021. The offering will be made only
by means of a written prospectus. A preliminary prospectus
supplement and accompanying prospectus describing the terms of the
offering has been filed with the SEC on its website at www.sec.gov.
A copy of the final prospectus supplement and accompanying
prospectus relating to the offering will be filed with
the SEC and may be obtained, when available, for free on
the SEC's website located at http://www.sec.gov. When
available, electronic copies of the final prospectus supplement and
accompanying prospectus relating to the offering may also be
obtained from the offices of The Benchmark Company, LLC, 150 East
58th Street, 17th Floor, New York, NY 10155, by email at
prospectus@benchmarkcompany.com, or by calling +1 (212)-312-6700.
Before investing in this offering, interested parties should read
in their entirety the final prospectus supplement and the
accompanying prospectus and the other documents that the Company
has filed with the SEC that are incorporated by reference in such
final prospectus supplement and the accompanying prospectus, which
provide more information about the Company and such offering.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, 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 KULR Technology Group
Inc.KULR Technology Group Inc. (NYSE American: KULR) is a
leading energy management platform company offering proven
solutions that play a critical role in accelerating the
electrification of the circular economy. Leveraging a foundation in
developing, manufacturing, and licensing next-generation carbon
fiber thermal management technologies for batteries and electronic
systems, KULR has evolved its holistic suite of products and
services to enable its customers across disciplines to operate with
efficiency and sustainability in mind. For more information, please
visit www.kulrtechnology.com.
Safe Harbor StatementThis press
release does not constitute an offer to sell or a solicitation of
offers to buy any securities of any entity. This release contains
certain forward-looking statements based on our current
expectations, forecasts and assumptions that involve risks and
uncertainties. Forward-looking statements in this release are based
on information available to us as of the date hereof. Our actual
results may differ materially from those stated or implied in such
forward-looking statements, due to risks and uncertainties
associated with our business, which include the risk factors
disclosed in our Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 28, 2023, as may be
amended or supplemented by other reports we file with the
Securities and Exchange Commission from time to time.
Forward-looking statements include statements regarding our
expectations, beliefs, intentions, or strategies regarding the
future and can be identified by forward-looking words such as
“anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,”
“may,” “should,” and “would” or similar words. Except as required
by law, we assume no obligation to update the information included
in this press release, whether as a result of new information,
future events or otherwise.
Investor Relations:KULR
Technology Group, Inc.Phone: 858-866-8478 x 847Email:
ir@kulrtechnology.com
Media Relations:Further PREmail:
press@furtherpr.com
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