Netlist Announces $30 Million Registered Direct Offering

IRVINE, CA / ACCESSWIRE / August 15, 2023 / Netlist, Inc. (OTCQB:NLST), a pioneer in high performance memory technology, today announced that it has entered into a definitive agreement for the purchase and sale of an aggregate of 11,111,112 shares of its common stock and warrants to purchase 11,111,112 shares of common stock in a registered direct offering. The shares of common stock are being sold at a purchase price of $2.70 per share. For each share of common stock purchased, the purchaser will receive a warrant to purchase one share of common stock. These common stock warrants will have an exercise price of $3.20 per share, are immediately exercisable and will expire five years following the date of issuance. The offering is expected to close on or about August 17, 2023, subject to the satisfaction of customary closing conditions.

Foto: Accesswire

Roth Capital Partners is acting as the exclusive placement agent for the offering.

The gross proceeds from the offering to the Company are expected to be approximately $30 million, before deducting placement agent's fees and other offering expense payable by the Company. The Company intends to use the net proceeds from the offering for general corporate purposes, including working capital.

A shelf registration statement on Form S-3 (File No. 333-259838) relating to the securities being offered was filed with the U.S. Securities and Exchange Commission (the "SEC") and automatically declared effective on September 28, 2021. The offering is being made only by means of a prospectus supplement and accompanying prospectus that form a part of the shelf registration statement. The final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Electronic copies of the final prospectus supplement and accompanying prospectus relating to the offering, when filed, may be obtained on the SEC's website at www.sec.gov or by contacting Roth Capital Partners, LLC, 888 San Clemente Drive, Newport Beach, CA 92660 or by email at [e-mail].

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