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Nano Nuclear Energy, Inc. (NASDAQ:NNE) shares are trading lower on Tuesday after the company announced pricing of its $105 million private placement.
What To Know: Nano said it entered into a securities purchase agreement to sell approximately 3.89 million shares at $27 apiece.
Following the private placement, the company expects to hold about $200 million in cash. It plans to use the proceeds to accelerate development of its micro nuclear reactors and other nuclear energy-related ventures, pursue strategic acquisitions and support efforts toward initial revenue generation.
The news comes amid renewed momentum in the nuclear energy sector, with ETFs such as NUKZ, NLR, and URAN all trading higher Tuesday.
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NNE Price Action: At the time of writing, Nano stock is trading 3.61% lower at $34.82, NUKZ shares are trading 2.42% higher at $51.18, NLR stock is trading 2.47% higher at $99.31, and URAN shares are trading 3.09% higher at $34.75, according to data from Benzinga Pro.
Image: via Shutterstock
