Perma-Fix Secures $22 Million in Public Offering Success

Perma-Fix Environmental Services, Inc. Announces Public Offering

Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) has successfully priced an underwritten public offering of 2,200,000 shares of its common stock, set at a public price of $10.00 per share. The company anticipates raising approximately $22 million in gross proceeds from this offering, which will be directed towards significant enhancements in their operations and research initiatives.

Utilization of Proceeds from the Offering

The proceeds from the offering are strategically earmarked for three crucial areas. First, Perma-Fix intends to bolster its research and development efforts regarding its innovative patent-pending Perma-FAS process aimed at addressing the destruction of PFAS contaminants. This investment will also support the installation of at least one new Perma-FAS commercial treatment unit. Second, the funds will facilitate ongoing capital expenditures and maintenance costs related to the company’s operational facilities. Lastly, the remaining proceeds will be allocated to general corporate purposes and working capital requirements.

Underwriting and Close of Offering

Craig-Hallum has been selected as the sole managing underwriter for this public offering. In addition, Wellington Shields serves as the financial adviser for the transaction. The completion of the offering is expected to occur shortly, pending customary closing conditions.

About the Offering Process

This offering is conducted under a shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (SEC). The effective base prospectus corresponds to File No. 333-283555, which was declared effective earlier in December. Potential investors should note that the offering is made solely by prospectus supplements associated with this registration statement. A supplementary prospectus, filed with the SEC, lays out specific details regarding this offering.

Accessing Additional Information

Copies of the final prospectus supplement and accompanying prospectus will be readily available via the SEC’s website. Interested parties may also directly reach out to Craig-Hallum Capital Group LLC for additional information within the provided contact specifications.

Understanding Perma-Fix’s Services

Perma-Fix stands as a leader in nuclear services and is a prominent provider of nuclear and mixed waste management solutions. Their expertise encompasses radioactive waste management and treatment tailored for hospitals, research institutions, federal agencies like the U.S. Department of Energy (DOE) and the U.S. Department of Defense (DOD), in addition to commercial nuclear enterprises. The company's capabilities are expansive, offering project management, waste management, environmental remediation, decontamination, decommissioning, and critical safety measures to ensure radiological protection.

The Company’s Operations

Perma-Fix operates multiple nuclear waste treatment facilities, ensuring comprehensive coverage for waste management across various sectors, including DOE and DOD sites. With a commitment to innovation, the company continues to evolve its treatment processes, solidifying its position in the market as an essential player in environmental safety and waste management services.

Future Prospects

By channeling resources into their research and development, Perma-Fix aims to enhance their operational infrastructure, thereby potentially expanding their service capabilities and market reach. This strategic move aligns with broader trends in environmental responsibility, where technologies focused on effective waste management are increasingly prioritized.

Frequently Asked Questions

What is the purpose of the $22 million offering by Perma-Fix?

The proceeds from the offering will support R&D for the Perma-FAS process, facility maintenance, and general corporate purposes.

Who is managing the underwriting of this offering?

Craig-Hallum is the sole managing underwriter for the public offering.

Where can I find more information about the offering?

Additional details about the offering can be found in the final prospectus supplement available on the SEC’s website or by contacting Craig-Hallum Capital Group directly.

How does Perma-Fix contribute to nuclear waste management?

Perma-Fix offers comprehensive services for the management, treatment, and disposal of nuclear and mixed waste, catering to federal agencies and commercial clients.

What future developments can we expect from Perma-Fix?

With its continued investment in technology and infrastructure, Perma-Fix aims to enhance its service offerings, focusing on innovative solutions for waste management.

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