KULR Technology enters into securities purchase agreements with certain institutional investors for a registered direct offering

KULR Technology Group, Inc. (OTCQB:KULR) said it has entered into securities purchase agreements with certain institutional investors via a registered direct offering. The leading developer of next-generation thermal management technologies said the agreement is for the purchase and sale of an aggregate of 6,400,000 shares of common stock and warrants at a purchase price of $1.25 per share for gross proceeds of around $8.0 million. READ: Taglich Brothers initiates coverage of KULR Technology with Speculative Buy rating and 12-month price target of $2.50 The warrants, which also have an exercise price of $1.25 per share, are exercisable immediately and will expire five years following the date of issuance. In the event the warrants are exercised in full for cash, the company expects to receive approximately $8.0 million in additional gross proceeds. However, there is no assurance that all or any portion of the warrants will be exercised prior to their expiration. The closing of the offering is expected to occur on or about December 31, 2020, subject to the satisfaction of customary closing conditions. Lake Street Capital Markets and Maxim Group are acting as co-placement agents for the offering. Contact the author at jon.hopkins@proactiveinvestors.com