Perma-Fix Announces Pricing of Approximately $20 Million Registered Direct Offering

ATLANTA, May 22, 2024 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (Nasdaq: PESI) (“Perma-Fix” or the “Company”) today announced that it has entered into a definitive agreement for the issuance and sale of 2,051,282 shares of its common stock at an offering price of $9.75 per share.

The gross proceeds from the offering, before deducting the placement agent’s fees and other offering expenses, are expected to be approximately $20 million. Perma-Fix expects to use the net proceeds from the offering to fund (i) continued R&D and business development relating to its patent-pending process for the destruction of PFAS, as well as the cost of installing at least one commercial treatment unit; (ii) ongoing facility capex and maintenance costs; as well as (iii) general corporate and working capital purposes.

Craig-Hallum Capital Group LLC and Wellington Shields & Co. LLC are acting as exclusive placement agents for the offering. The offering is expected to close on or about May 24, 2024, subject to the satisfaction of customary closing conditions.

The securities described above are being offered pursuant to a registration statement on Form S-3 (File No. 333-272074), which was declared effective by the Securities and Exchange Commission (the “SEC”) on June 1, 2023. The offering is being made only by means of a prospectus which is a part of the effective registration statement. A final prospectus supplement and the accompanying prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Additionally, when available, electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained from (i) Craig-Hallum Capital Group LLC at 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, or by phone at [phone] or email at [e-mail], or (ii) Wellington Shields & Co. LLC at 140 Broadway New York, NY 10005, or by phone at 212-320-3000 or email at [e-mail].

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.