PCLA News & Events

Picocela Inc trading halted, news pending

PicoCELA announced the pricing of a best-efforts public offering of 6.1M American Depositary Shares at a public offering price of 30c per ADS. The company expects to receive aggregate gross proceeds of $1.83M, before deducting placement agent commissions and other offering expenses. Each ADS represents one common share of the company. The Offering is expected to close on or about May 27, subject to the satisfaction of customary closing conditions. The company intends to use approximately 70% of the net proceeds from the Offering for working capital and general corporate purposes and approximately 30% for product development and research. Revere Securities is acting as the lead placement agent and Dominari Securities is acting as the co-placement agent in connection with the Offering.

PicoCELA entered into a share subscription agreement with Nikken Lease Kogyo, pursuant to which the company agreed to issue 2.531M common shares to Nikken at a purchase price of 55c per share, for an aggregate purchase price of $1.4M, on April 30. The objective of this private placement is to undertake a joint project aimed at developing new products. The shares were issued to Nikken on April 30. Under the agreement, the shares are restricted for 18 months from being transferred, converted into the company's American Depository Shares representing the company's common shares, or resold in the U.S. stock market where the company's common shares and ADSs are registered.

Benjamin Securities is acting as placement agent.