Nano Nuclear Energy slips on $105 mln stock sale

Nano Nuclear Energy's NNE.O shares down 4.3% premarket to $34.33 as co raises equity

New York-based firm says entered into agreement with institutional investors to sell ~3.9 mln shares at $27 for gross proceeds of $105 mln in private placement

Several fundamental institutional investors, including a leading long-only mutual fund and a preeminent global investment manager participated in the placement, co says

Sale price represents 24.7% discount to stock's last close on Fri

NNE shares on Fri finished up 30% at $35.86 as nuclear stocks surged after U.S. President Donald Trump signed executive orders to jumpstart the industry, including reduced regulations and fast-tracking new licenses for reactors and power plants

Nano says along with the placement's net proceeds, if would have over $200 mln in cash, which it plans to use to advance its micro nuclear reactors, as well as for acquisitions among other purposes

With 37.5 mln shares outstanding, co has $1.3 bln market cap, per LSEG data

Through Fri, shares up 44% YTD

Co went public in May 2024 after ~$10 mln IPO priced at $4. Stock hit record intra-day high of $48.05 in late Jan