Perma-Fix Announces Pricing of Approximately $20 Million Registered Direct Offering
May 22 2024 - 6:30AM
Perma-Fix Environmental Services, Inc. (Nasdaq: PESI) (“Perma-Fix”
or the “Company”) today announced that it has entered into a
definitive agreement for the issuance and sale of 2,051,282 shares
of its common stock at an offering price of $9.75 per share.
The gross proceeds from the offering, before
deducting the placement agent’s fees and other offering expenses,
are expected to be approximately $20 million. Perma-Fix expects to
use the net proceeds from the offering to fund (i) continued
R&D and business development relating to its patent-pending
process for the destruction of PFAS, as well as the cost of
installing at least one commercial treatment unit; (ii) ongoing
facility capex and maintenance costs; as well as (iii) general
corporate and working capital purposes.
Craig-Hallum Capital Group LLC and Wellington
Shields & Co. LLC are acting as exclusive placement agents for
the offering. The offering is expected to close on or about May 24,
2024, subject to the satisfaction of customary closing
conditions.
The securities described above are being offered
pursuant to a registration statement on Form S-3 (File No.
333-272074), which was declared effective by the Securities and
Exchange Commission (the “SEC”) on June 1, 2023. The offering is
being made only by means of a prospectus which is a part of the
effective registration statement. A final prospectus supplement and
the accompanying prospectus relating to the registered direct
offering will be filed with the SEC and will be available on the
SEC’s website at www.sec.gov. Additionally, when available,
electronic copies of the final prospectus supplement and the
accompanying prospectus may be obtained from (i) Craig-Hallum
Capital Group LLC at 222 South Ninth Street, Suite 350,
Minneapolis, MN 55402, or by phone at (612) 334-6300 or email
at prospectus@chlm.com, or (ii) Wellington Shields & Co.
LLC at 140 Broadway New York, NY 10005, or by phone at 212-320-3000
or email at compliance@wellingtonshields.com.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy the securities in this
offering, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
About Perma-Fix Environmental
Services
Perma-Fix Environmental Services, Inc. is a
nuclear services company and leading provider of nuclear and mixed
waste management services. The Company’s nuclear waste services
include management and treatment of radioactive and mixed waste for
hospitals, research labs and institutions, federal agencies,
including the U.S. Department of Energy (“DOE”), the U.S.
Department of Defense (“DOD”), and the commercial nuclear industry.
The Company’s nuclear services group provides project management,
waste management, environmental restoration, decontamination and
decommissioning, new build construction, and radiological
protection, safety and industrial hygiene capability to our
clients. The Company operates four nuclear waste treatment
facilities and provides nuclear services at DOE, DOD, and
commercial facilities, nationwide.
Please visit us
at http://www.perma-fix.com.
This press release contains “forward-looking
statements” which are based largely on the Company’s expectations
and are subject to various business risks and uncertainties,
certain of which are beyond the Company's control. Forward-looking
statements generally are identifiable by use of the words such as
“believe”, “expects”, “intends”, “anticipate”, “plan to”,
“estimates”, “projects”, and similar expressions. Forward-looking
statements include, but are not limited to: the Company’s ability
to satisfy the closing conditions related to the registered direct
offering transaction and the overall timing and completion of such
closing and the use of the net proceeds of the offering; accepting
commercial waste for destruction before the end of the year; well
positioned; treatment of effluent from DFLAW facility; and
cost-effective solution for Hanford site tank waste. While the
Company believes the expectations reflected in this news release
are reasonable, it can give no assurance such expectations will
prove to be correct. There are a variety of factors which could
cause future outcomes to differ materially from those described in
this release, including, without limitation, future economic
conditions; industry conditions; competitive pressures; our ability
to apply and market our new technologies; the government or such
other party to a contract granted to us fails to abide by or comply
with the contract or to deliver waste as anticipated under the
contract or terminates existing contracts; Congress fails to
provides funding for the DOD’s and DOE’s remediation projects;
inability to obtain new foreign and domestic remediation contracts;
and the additional factors referred to under “Risk Factors” and
“Special Note Regarding Forward-Looking Statements” of our 2023
Form 10-K and Form 10-Q for quarter ended March 31, 2024. The
Company makes no commitment to disclose any revisions to
forward-looking statements, or any facts, events or circumstances
after the date hereof that bear upon forward-looking
statements.
Contacts:
David K. Waldman-US Investor RelationsCrescendo Communications,
LLC(212) 671-1021
Herbert Strauss-European Investor Relationsherbert@eu-ir.com+43
316 296 316
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