SEALSQ Prices $200 Million Public and Private Offerings, Shares Slip After Announcement

Overview

• The registered component totals $94.8 million for 12,640,000 ordinary shares at $7.50 per share under an effective Form F-3 shelf, with Heights Capital Management leading and Maxim Group acting as placement agent.
• The concurrent private placement includes pre-funded warrants for 14,026,666 shares and immediately exercisable Class D warrants for up to 53,333,332 shares priced at $7.50, carrying a $9.25 exercise price and seven-year term, priced about 26.5% above market under Nasdaq rules.
• SEALSQ projects approximately $200 million in gross proceeds and a pro-forma cash balance near $400 million after closing targeted for Oct. 16.
• The stock fell roughly 6% to 8% in Wednesday trading after the financing disclosure, following an earlier weeklong rally tied to new partnerships in finance, energy and defense.
• The company flags a Nov. 10 WISeSat.space launch on a SpaceX Falcon 9 to test post-quantum communication protocols.