AirJoule Technologies tumbles on equity raise

Shares of AirJoule Technologies AIRJ.O, developer of atmospheric energy and pure water harvesting systems for sustainable air conditioning, down 17.1% to $3.29 premarket after follow-on offering priced

Ronan, Montana-based AIRJ announces ~6.2 mln shares at $3.25 for $20 mln gross raise

Offering price represents an 18.1% discount to stock's last close

Certain existing holders, including exec board chairman Patrick Eilers and CEO Matthew Jore indicated to buy up $775,000 of the offering, per the prospectus

AIRJ plans to use net proceeds to fund growth and working capital and for general corporate purposes

Co said earlier this month it contributed an additional $5 mln in capital contribution to its joint venture with GE Vernova GEV.N, according to the prospectus filing. Carrier Global CARR.N is also among AIRJ's global partnerships

AIRJ debuted in Mar 2024 when its predecessor, Montana Technologies, completed SPAC merger, and then changed its name to AirJoule Technologies in Nov of that year

Through Tues, AIRJ shares shed 50% over the past year

Co has ~60.7 mln shares outstanding

All 4 analysts covering the stock are bullish; PTs range from $7-$12, per LSEG data