Aqua Metals prices 1.13M shares at $11.34 in registered direct offering

Aqua Metals (AQMS) has raised $13M in gross proceeds from a leading institutional investor through a registered direct offering priced at-the-market under Nasdaq rules for the purchase and sale of a total of 1,133,794 shares of common stock and/or prefunded warrants to purchase shares of common stock at a purchase price of $11.34 per share/prefunded warrant. In a concurrent private placement, the Company also issued unregistered warrants to purchase up to 1,133,794 shares of common stock at an exercise price of $11.34 per share which are immediately exercisable for a period of five years following the date of issuance. The offering is expected to close on Thursday, October 16, 2025. The gross proceeds to the Company from the offering were approximately $13M before deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes. The Benchmark Company LLC, a StoneX Company, served as sole placement agent and financial advisor for the transaction.