The Santa Clarita company said the purchase price of one share is 6 cents. Gross proceeds from the offering will be used to “aggressively expand and accelerate” its green hydrogen technology, and for working capital and general corporate purposes.
The company’s new direction, evident in its name change announcement, will focus on developing green hydrogen electrolyzer technology, or splitting water into hydrogen and oxygen.
Prior to its change in focus, the Santa Clarita company worked on lithium-ion battery technology for electric vehicles.
Subject to the satisfaction of customary closing conditions, the private placement offering is expected to close on or about Jan. 27, NewHydrogen said.
Shares of NewHydrogen (BSRC) closed Tuesday at 12 cents on the over-the-counter market.