SkyWater Announces Pricing of Common Stock Offering

SkyWater Technology (NASDAQ: SKYT) (the “Company” or “SkyWater”) announced today that it has priced a public offering of $15.0 million of shares of its common stock at a price of $9.00 per share. The underwriter has a 30-day option to purchase up to $2.25 million of additional shares of SkyWater’s common stock at the public offering price of the common stock, less underwriting discounts and commissions.

The Company estimates that it will receive net proceeds of approximately $13.7 million from this offering, after deducting the underwriting discounts and commissions and estimated offering expenses payable by it and assuming the underwriter does not exercise its option to purchase additional shares. The Company intends to use the net proceeds from this offering primarily for general corporate purposes, which may include, among other things, funding of operations, repayment of indebtedness, additions to working capital and/or capital expenditures. The offering is expected to close on or about November 17, 2022, subject to the satisfaction of customary closing conditions.

Needham & Company is acting as sole book-running manager for the common stock offering. A shelf registration statement on Form S-3 (File No. 333-266981) relating to the offering of the securities described above was filed with the Securities and Exchange Commission (the “SEC”) on August 19, 2022 and declared effective by the SEC on September 1, 2022. The shares may be offered only by means of a prospectus forming a part of the Company's effective shelf registration statement, related prospectus supplement and other related documents. You may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Copies of the prospectus supplement and accompanying prospectus relating to the offering may also be obtained, when available, by contacting Needham & Company, Attention: Prospectus Department, 250 Park Avenue, New York, New York 10177, telephone: [phone] or email: [e-mail]. Before you invest in our common stock, you should read the prospectus supplement and accompanying prospectus, along with other documents that the Company has filed with the SEC, for more complete information about the Company and the common stock offering.