Richtech Robotics Prices Upsized $21 Million Offering
Richtech Robotics Announces Public Offering Pricing
Richtech Robotics Inc. (NASDAQ: RR), a provider of AI-driven service robots, has revealed the details of its upsized public offering. The offering includes 15,555,557 shares of Class B common stock and corresponding warrants at a combined public offering price of $1.35 per share. These warrants allow for the purchase of additional shares and are set to expire five years following their issuance.
Details of the Offering
The offering is expected to generate approximately $21 million in gross proceeds, which will be available to support working capital and the development of Richtech’s innovative robotic solutions. The placement agent for this offering is Rodman & Renshaw LLC, ensuring a smooth transaction process.
Utilization of Funds
Richtech Robotics plans to utilize the net proceeds for various purposes, significantly including the procurement of robotic hardware and the advancement of their product candidates. This strategic approach aims to enhance their service offerings across multiple industries.
Regulatory Aspects of the Offering
The offering is conducted under a registration statement on Form S-1, which was recently declared effective by the Securities and Exchange Commission (SEC). This regulatory framework ensures that all necessary disclosures are made, maintaining a high level of transparency in the process.
Investor Information
While investors await the final prospectus, they can access preliminary information via the SEC’s website. This assures that potential investors remain informed about the implications of the offering.
About Richtech Robotics
Richtech Robotics specializes in supplying collaborative robotic solutions chiefly in the service sector. Their focus extends to the hospitality and healthcare industries, where they aim to enhance efficiency and customer experiences. The integration of these technologies positions them as leaders in innovation within their market.
The Vision of Richtech Robotics
The company strives to revolutionize how service industries function through the application of cutting-edge robotic solutions. With an emphasis on collaboration and customer engagement, Richtech aims to foster an environment of mutual benefit between businesses and their clientele.
Contact Information
For further inquiries, investors can reach out to CORE IR at ir@richtechrobotics.com. Additionally, media inquiries can be directed to Timothy Tanksley, Director of Marketing at Richtech Robotics, at press@richtechrobotics.com or via phone at 702-534-0050.
Frequently Asked Questions
What is the total amount raised in the Richtech Robotics offering?
The offering is expected to raise approximately $21 million in gross proceeds.
How many shares are being offered in this public offering?
Richtech Robotics is offering an aggregate of 15,555,557 shares of its Class B common stock.
Who is the placement agent for this offering?
Rodman & Renshaw LLC is serving as the exclusive placement agent for the offering.
What will the proceeds from the offering be used for?
The proceeds will primarily be used for working capital, product development, and procurement of robotic hardware.
What is the exercise price of the warrants associated with this offering?
The warrants have an exercise price of $1.35 per share and are exercisable immediately upon issuance.
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