News: Optoelectronics
3 April 2024
BluGlass closes share purchase plan, adding $5.87m to $4.3m placement
BluGlass Ltd of Silverwater, Australia — which develops and manufactures gallium nitride (GaN) blue laser diodes based on its proprietary low-temperature, low-hydrogen remote-plasma chemical vapor deposition (RPCVD) technology — has closed its share purchase plan (SPP), raising $5.87m before costs.
The SPP enabled eligible shareholders to subscribe for up to $100,000 of new BluGlass shares at $0.037 per share, with (subject to shareholder approval) one free attaching option. Options are exercisable at $0.046 and expire on 28 February 2025. Every attaching option exercised will include an additional piggyback option, exercisable at $0.06 and expiring 28 February 2027. The SPP followed a strongly supported $4.3m placement to institutional and sophisticated investors on the same terms, raising a total of $10.17m.
Funds will accelerate production and delivery of the company’s GaN lasers, fulfilling new and existing contracts, as well as support additional fab capabilities and working capital.
“This capital supports our continued growth, enabling us to step-up production and delivery of our visible GaN lasers in rapidly growing markets, driven by adoption across advanced manufacturing, quantum sensing and computing, defence, space and biotech applications,” says CEO Jim Haden. “We’re also investing in future capabilities, such as our distributed feedback (DFB) lasers, which have been key to winning revenue-generating projects and partnerships with the US Commercial Leap Ahead for Wide Bandgap Semiconductors (CLAWS) Hub and laser pioneer Applied Energetics. These projects provide substantial revenue growth while allowing us to bring to market higher-value products that further differentiate us from larger competitors,” he adds. “We’re executing against clear technical and commercial roadmaps to deliver higher-value products, and are focused on delivering business growth and maximising shareholder value.”
Allotment of new shares is on 3 April with the issue of 157,842,057 fully paid ordinary shares. An additional 756,489 new shares are proposed to be issued under the SPP to directors of the company in the amount for which they have paid for those shares, on or around 5 April. The issue of attaching options and director SPP shares are subject to shareholder approval, which is being sought at an Extraordinary General Meeting on 4 April.
BluGlass and Applied Energetics sign MoU to collaborate
BluGlass acquires contract manufacturer GaNWorks Foundry for US$800,000
BluGlass gains US$1.775m contract with NCSU for laser development
BluGlass a commercial partner in US Microelectronics Commons regional innovation hub CLAWS
