Summary by Moomoo AI
Palladyne AI has entered into an Open Market Sale Agreement with Jefferies LLC to offer and sell up to $30 million of its common stock. The shares will be sold through an "at the market offering" as defined in Rule 415(a)(4) of the Securities Act, with Jefferies acting as sales agent.The company intends to use the net proceeds for general corporate purposes and working capital, including funding continued development and commercialization of its software products. The offering provides Palladyne AI with financial flexibility as it advances its AI/ML software platform for robotics applications.Palladyne AI recently completed other equity financings, raising approximately $25 million in gross proceeds. As of December 31, 2024, the company had cash and cash equivalents of approximately $40 million. The additional at-the-market offering further strengthens Palladyne AI's balance sheet as it pursues commercialization of its Palladyne IQ and Palladyne Pilot software products in 2025.
