Waste Management company Aqua Metals Inc (NASDAQ:AQMS) has announced a proposed public offering of its common stock.
The company recently began producing high-grade lead using its proprietary electrochemical lead recycling technology known as AquaRefining. The soft lead has a purity grade of 99.985%, meeting the standards on the London Metals Exchange.
READ: Small-Cap Snapshot: Aqua Metals finds an eco-friendly alternative for lead recycling
The water-based process is an eco-friendly alternative to smelting. The company hopes to meet the growing demand for lead to power vehicle batteries and alternative energy like solar and wind.
The recycler plans to use the net proceeds for working capital, which may include an expansion of its AquaRefining facility.
The terms of the offering have yet to be released.
Shares of the California-based company were down nearly 8% to US$2.89 in Thursday pre-market trading.