Business
Aeluma, Inc. Closes $6 Million Oversubscribed Common Stock Only Private Placement
GOLETA, CA / ACCESSWIRE / May 11, 2023 / Aeluma, Inc. (OTCQB:ALMU), a semiconductor company specializing in scalable, cost-effective sensor technologies for
About this update from Aeluma, Inc.
[{"type":"text","content":"GOLETA, CA / ACCESSWIRE / May 11, 2023 / Aeluma, Inc. (OTCQB:ALMU), a semiconductor company specializing in scalable, cost-effective sensor technologies for advanced LiDAR solutions, announced today it has received gross proceeds totaling approximately $6.05 Million following the final closing of a private placement of the Company's common stock at $3.00 per share.Commenting on the announcement, Aeluma CEO, Jonathan Klamkin, Ph.D., stated, \"We experienced oversubscribed demand for our offering. The resulting investment substantially extends our runway to further develop and commercialize our proprietary, disruptive semiconductor technology for LiDAR, communications, and other applications.\"GP Nurmenkari, Inc. (as consulted by Intuitive Venture Partners) served as the placement agent for the first three closings of the offering. Network 1 Financial Securities, Inc. served as the placement agent for the final close, which was held on May 10, 2023.The securities issued and sold in the private placement have not been registered under the Securities Act of 1933 as amended (the \"Securities Act\") or any state or other jurisdiction's securities laws, and may not be resold absent registration under, or exemption from registration under, the Securities Act.This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities nor shall there by any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.About Aeluma, Inc.Aeluma (www.aeluma.com) develops novel optoelectronic devices for sensing and communications applications. Aeluma has pioneered a technique to manufacture devices using high performance compound semiconductor materials on large-diameter silicon wafers that are commonly used for mass market microelectronics. The technology has the potential to enhance performance and provide a path to cost-effective, large-scale manufacturing, both of which are critical for future LiDAR and other sensor applications. Aeluma is developing a streamlined business model from its headquarters in Goleta, CA that has a state-of-the-art manufacturing cleanroom.Forward-Looking StatementsAll statements in this press release that are not historical are forward-look...