Aqua Metals, a Nevada-based listed metal recycler, has announced an underwritten public offering of USD 17,402,000 (before deducting the underwriting discount and other estimated offering expenses) by selling 15,820,000 shares of its common stock at a public offering price of USD 1.10 per share. Aqua Metals expects to close the offering, subject to customary conditions, on July 21, 2023.

Aqua Metals intends to use the net proceeds for working capital, including expenses related to the construction of the first phase at its five-acre recycling campus in the Tahoe Reno Industrial Center in McCarran, Nevada, and for general corporate purposes.

The Benchmark Company serves as the sole book-running manager for the offering, while the Liquid Venture Partners group at The Benchmark Company is responsible for sourcing and executing the offering. The company has also granted the underwriter a 30-day option to purchase up to 2,373,000 additional shares of its common stock. 

Analyst QuickTake: The funding supports Aqua Metals' efforts to successfully advance its AquaRefining hydrometallurgical technology. Last month, the company commenced full-scale battery recycling operations at its Li AquaRefining recycling pilot with a processing capacity of 75 tons per annum (tpa) of black mass input. The company is also actively advancing the development and commissioning of its first commercial-scale facility at Tahoe-Reno .