SANTA CLARITA, Calif.— BioSolar, Inc. (OTC: BSRC), a developer of energy technologies, today announced that it closed its previously announced registered direct offering, for the sale, under a securities purchase agreement with a single institutional investor, of 125,000,000 shares of common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to an aggregate of 125,000,000 shares of common stock.
The combined purchase price for one share of common stock (or common stock equivalent in lieu thereof) and a warrant to purchase one share of common stock was $0.04. The warrants have an exercise price of $0.04 per share, are immediately exercisable and will expire five years from the issuance date.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
The gross proceeds from the offering were $5.0 million. The Company intends to use the net proceeds primarily to aggressively expand and accelerate the development of its electrolyzer technology to lower the cost of green hydrogen production, as well as for working capital and general corporate purposes.
A shelf registration statement on Form S-3 (File No. 333-254336) relating to the registered direct offering of the securities described above was filed with the Securities and Exchange Commission (“SEC”) on March 16, 2021 and was declared effective on March 25, 2021. The offering of the securities was made only by means of a prospectus supplement and accompanying prospectus that forms a part of the effective registration statement. Electronic copies of the final prospectus supplement and the accompanying prospectus were filed with the SEC and may be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by calling (212) 856-5711 or by emailing [email protected] or at the SEC’s website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The Company recently announced that is in the process of changing its corporate name to NewHydrogen, Inc. to better reflect its expanded focus on green hydrogen technologies.