New Era Energy & Digital (NASDAQ:NUAI) announced it has priced an underwritten public offering of about 30 million shares of its common stock at $3.35 per share, generating gross proceeds of approximately $100 million before expenses.
According to the company, the net proceeds will be used primarily to repay outstanding borrowings under a senior secured convertible promissory note owed to SharonAI.
Any remaining funds are expected to be allocated toward general corporate purposes.
New Era has also granted the underwriters a 30-day option to purchase up to an additional 4.5 million shares at the public offering price, less applicable discounts and commissions.
Northland Capital Markets is serving as the lead book-running manager for the offering, while Texas Capital Securities is acting as a book-running manager.
The transaction is expected to close on April 10, subject to customary closing conditions.