KULR Technology Group closes $8 million securities offering

KULR Technology Group Inc (OTCQB:KULR) announced Thursday it had closed an $8 million offering backed by institutional investors. The offering included the sale of 6.4 million shares and warrants exercisable at $1.25 for a five-year period following the closing date. If the warrants are exercised in full for cash, KULR expects to receive around $8 million in additional gross proceeds, according to a release. READ: KULR’s battery safety technology wins validation from Naval Surface Warfare Center for being effective KULR, a San Diego-based technology firm, develops, manufactures and licenses next-generation carbon fiber thermal management technologies for batteries and electronic systems. KULR developed its cooling technology with help from NASA for regulating extreme temperatures of sensitive components in space. Today, the company has manufactured custom-designed heat sinks and thermal management products for two NASA Jet Propulsion Laboratory space missions — Mars Perseverance Rover and the return to the Moon in 2025. Lake Street Capital Markets and Maxim Group acted as co-placement agents for the offering. Contact Angela at angela@proactiveinvestors.com Follow her on Twitter @AHarmantas