Business
PureCycle Announces Financing Transaction for $33 Million
ORLANDO, FL / ACCESS Newswire / February 5, 2025 / PureCycle Technologies, Inc. (Nasdaq:PCT), today, entered into a transaction anchored by Pleiad Investment
About this update from Purecycle Technologies, Inc.
[{"type":"text","content":"ORLANDO, FL / ACCESS Newswire / February 5, 2025 / PureCycle Technologies, Inc. (Nasdaq:PCT), today, entered into a transaction anchored by Pleiad Investment Advisors Limited, with participation from Sylebra Capital Management, and Samlyn Capital, LLC to raise gross proceeds of $33 million. PureCycle anticipates that the transaction will close on February 6, 2025.The capital raised is expected to assist PureCycle in its efforts to continue bringing its patented dissolution recycling process to market. The investment from Pleiad Investment Advisors Limited, Sylebra Capital Management, and Samlyn Capital, LLC highlights their confidence in the Company's technology and leadership position in the growing sustainability market.PureCycle CEO Dustin Olson said, \"We're excited to bring on a new partner like Pleiad Investment Advisors. We are making material progress with trials and are continuing to pursue commercial success in fiber and other applications.\"Pleiad Director Kenneth Lee said, \"We've been following PureCycle for a while now and are excited to partner with the company. We are extremely encouraged by the commercial applications and demand for PureCycle's products. We have been impressed with the Company's operational progress and tireless pursuit to get to this point. We are thrilled to be able to be invested with such a talented and focused team.\"The offer and sale of the shares of common stock to be sold in the private placement are being made in a transaction not involving a public offering, and the shares have not been registered under the Securities Act of 1933, as amended (the \"Securities Act\"), or any applicable state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and such applicable state securities laws. PureCycle has agreed to register the resale of the shares of common stock to be issued in the private placement with the Securities and Exchange Commission.This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, 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 jurisdict...