Ironton Facility Reaches Feed Rate of 10,000 Pounds Per Hour; Processes Over 200,000 Pounds in One Day
IRONTON, OH / ACCESSWIRE / September 11, 2024 / PureCycle Technologies, Inc. (NASDAQ:PCT), today, entered into a series of transactions with Sylebra Capital Management and Samlyn Capital, LLC to raise gross proceeds of $90 million. PureCycle anticipates that the transactions will close on September 13, 2024. The transactions include:
An issuance of $50 million of Series A, Preferred Stock with a three-year maturity and an 8% return
Common stock sale of 8.5 million shares at a price of $4.69 per share for total net proceeds of $40 million
The issuance of warrants to purchase 5 million shares of common stock, each exercisable at a price of $11.50 per share with an expiration of December 1, 2030
The extension of Sylebra Capital's $200 million line of credit to March 31, 2026
The capital raised is expected to enable PureCycle to continue executing on its plan to bring its world leading purification process to the market. This significant investment by Sylebra Capital Management and Samlyn Capital, LLC in PureCycle underscores the participating investors' confidence in the company's technology and leadership position in the emerging recycled polypropylene market. The preferred stock portion of this deal allows the company to raise a significant portion of additional capital without dilution to equity holders.
