Beam Global raises ~$27.5M in public offering of 2.66M shares at $9.00; proceeds fund acquisition and working capital

Beam Global

Offered 2,663,044 shares plus full exercise of 399,456-share option at $9.00 per share for gross proceeds ~$27.5M.
Net proceeds: ~$7.5M to fund cash portion of acquisition of Amiga DOO Kraljevo; remainder for working capital and growth.
Underwriters: Maxim Group LLC and Freedom Capital Markets; 120-day lock-up for company, officers, and directors.
Offering closed June 22, 2023; shares issued under effective shelf registration statement on Form S-3.
Use of proceeds includes product development and general corporate purposes; offering priced June 19, 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Beam Global entered into Underwriting Agreement with Maxim Group LLC and Freedom Capital Markets valued at gross proceeds of approximately $27.5 million (effective 2023-06-19).

Action: entry
Agreement: underwriting
Counterparty: Maxim Group LLC and Freedom Capital Markets
Value: gross proceeds of approximately $27.5 million
Effective: 2023-06-19

Exact text from the filing

On June 19, 2023, Beam Global (the “Company”), entered into an Underwriting Agreement, as amended and restated on June 20, 2023 (the “Underwriting Agreement”), with Maxim Group LLC and Freedom Capital Markets (the “Underwriters”), pursuant to which the Company agreed to issue and sell to the Underwriters in an underwritten public offering (the “Offering”) an aggregate of 2,663,044 shares (the “Shares”) of common stock, $0.001 par value per share, of the Company (the “Common Stock”).

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Beam Global filing history →

Source: SEC EDGAR

accession 0001683168-23-004364

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