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SUNNYVALE, Calif.–(BUSINESS WIRE)–Quanergy Systems, Inc., (NYSE: QNGY) (“Quanergy” or the “Company”), a leading provider of LiDAR sensors and intelligent 3D solutions, today announced pricing for an underwritten public offering for gross proceeds of approximately $16.7 million before deducting subscription discounts and commissions and offering costs.
The offering consists of 9,800,000 units, each unit consisting of one share of our common stock, with a par value of $0.0001 per share (the “Common Shares”) and two warrants for purchase one share of our common stock (the “Unit Warrants” and , together with the common stock underlying such Unit Warrants, the “Units”) at a public offering price of 1 $.70 per unit. Each Unit Warrant has an exercise price of $1.70 and is exercisable for one common share with a term of five years from the date of issue. The offering is expected to close on or about November 2, 2022, subject to the satisfaction or waiver of customary closing conditions.
Maxim Group LLC is acting as the sole bookrunner for this offering.
In addition, the company has granted the subscriber a 30-day option to purchase up to 1,470,000 additional common shares and/or 2,940,000 unit warrants to purchase 2,940,000 common shares, solely to cover over-allotments , where applicable, at the public offering price less discounts and subscription fees.
The securities were offered pursuant to a registration statement on Form S-1 (File No. 333-267420), which was declared effective by the United States Securities and Exchange Commission (“SEC”) on October 28, 2022 The offering is made solely by means of a prospectus. A preliminary prospectus relating to the proposed offering was filed with the SEC on October 24, 2022 and is available on the SEC’s website at http://www.sec.gov. A final prospectus relating to this offering will be filed by the Company with the SEC. When available, copies of the final prospectus may be obtained from the SEC’s website at http://www.sec.gov or from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the titles. laws of that jurisdiction.
About Quanergy Systems, Inc.
Quanergy’s (NYSE: QNGY) is on a mission to create powerful and affordable smart LiDAR solutions for IoT and automotive applications to improve people’s experience and safety. With Quanergy’s intelligent LiDAR solutions, businesses can now leverage advanced real-time 3D information to transform their operations in a variety of industries including industrial automation, physical security, smart cities, smart spaces and more. Again. Quanergy solutions are deployed by nearly 400 customers worldwide. For more information, visit www.quanergy.com.
Forward-looking statements
This press release contains certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally accompanied by words such as “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should”, “would”, “plan”, “predict”, “potential”, “seem”, “seek”, “future”, “prospects”, “project”, “probably will result” and similar expressions which predict or indicate future events or trends or which are not not statements of historical questions. All statements, other than statements of current or historical fact included in this press release, are forward-looking statements, including, but not limited to, statements regarding the closing of the Underwritten Offering and the option to over-allocation. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are beyond Quanergy’s control and are difficult to predict. Factors that could cause such differences include, but are not limited to: Quanergy’s operating loss history; Quanergy’s ability to obtain additional capital to meet its financial obligations and support anticipated business growth; Quanergy’s ability to assess its business and prospects; the risk that markets for LiDAR products, including autonomous driving, security and smart spaces, robotics, industrial and other commercial applications, will develop more slowly than expected by Quanergy, or that adoption rates at term by end customers and demand are slower than expected by Quanergy; the risk that the integration of Quanergy’s products may encounter unforeseen complications or difficulties, which could negatively impact customer adoption of its products; the competitive environment in which Quanergy operates; the ability of Quanergy’s optical phased array (“OPA”)-based product to meet industry requirements for range, resolution or general performance; developments in alternative non-LiDAR technologies may adversely affect demand for LiDAR sensors; Quanergy’s ability to effectively grow its global sales and marketing organization, or to maintain or grow an effective network of distributors, value-added resellers and integrators; Quanergy’s business initiatives may prove more costly than currently anticipated; Quanergy’s limited manufacturing capacity and its reliance primarily on a small number of subcontractors and manufacturing partners; Quanergy’s reliance on single vendors; the risk that Quanergy may incur material direct or indirect liabilities in connection with its product warranties; Quanergy’s ability to maintain the listing of Quanergy’s securities on the New York Stock Exchange; Quanergy has been, and may continue to be, subject to potentially costly intellectual property rights litigation, including allegations that it infringes the intellectual property of others; Quanergy’s ability to remain in compliance with numerous laws and governmental regulations in various jurisdictions regarding the manufacture, use, distribution and sale of its products; global supply chain frictions, the COVID-19 pandemic, Russian aggression in Ukraine and other macroeconomic factors could impair Quanergy’s ability to source components quickly or cost-effectively from from our third-party suppliers due to, among other things, work stoppages or interruptions; and other risks and uncertainties set forth in Quanergy’s filings with the United States Securities and Exchange Commission. Further, forward-looking statements reflect Quanergy’s expectations, plans or forecasts regarding future events and views only as of the date of this press release. Quanergy anticipates that subsequent events and developments will cause its assessments to change. However, although Quanergy may choose to update these forward-looking statements at some time in the future, Quanergy specifically disclaims any obligation to do so, except as required by law..
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Source: Quanergy Systems, Inc.