KULR Technology Group Inc (OTCQB:KULR) has entered into a securities purchase agreement with Yorkville Advisors worth up to roughly $13 million in gross proceeds, the company announced.
The deal covers the purchase and sale of an aggregate of 650 shares of preferred stock, which is worth $10,000 per share and is convertible into common stock at a fixed price of $2.05 per share, and warrants to purchase up to 2.6 million common stock shares at $2.50 per share.
The gross proceeds from the offering are expected to be approximately $6.5 million, with another $6.5 million up for grabs if the warrants are exercised in full.
READ: KULR Technology estimates 400% year-over-year revenue increase in preliminary 1Q results
KULR will pay Yorkville Advisors a commitment fee equal to 1.3 million common shares when the deal closes, which the company expects to on or near May 20.
The San Diego-based company develops, manufactures, and licenses next-generation carbon fiber thermal-management technologies for batteries and electronic systems.
Its technology enables leading aerospace, electronics, e-mobility, energy storage, 5G infrastructure and electric vehicle manufacturers to make their products cooler, lighter, and safer for users and consumers.
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