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BluGlass successfully raised $5.87 million to accelerate GaN laser production and delivery

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2024-04-12 16:09:41
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Recently, BluGlass, a leading global semiconductor development company, successfully completed its stock purchase plan (SPP) and raised $5.87 million in funds (excluding costs). This SPP provides eligible shareholders with the opportunity to subscribe to up to $100000 in new shares of BluGlass at a discounted price of $0.037 per share, along with free additional options. This initiative has gained widespread recognition and support from shareholders.

The exercise price of the additional option is $0.046 and will expire on February 28, 2025. It is worth mentioning that each additional option exercised will also be accompanied by an additional option, with an exercise price of $0.06 and a maturity date of February 28, 2027.

Prior to SPP, BluGlass had successfully allocated $4.3 million of funds to institutions and senior investors under the same conditions, which received a warm response from the market and further enhanced the company's financial strength. The two fundraising activities raised a total of up to 10.17 million US dollars, laying a solid foundation for the company's future development.

BluGlass is a company that focuses on semiconductor manufacturing technology and equipment research and development, with over a decade of experience in the industry. As a leading supplier in the global GaN photonics industry, the company is committed to providing cutting-edge customized laser diodes and LED development for industrial, defense, display, and scientific markets.

This fund will mainly be used to accelerate the production and delivery of the company's gallium nitride (GaN) laser, in order to meet the growing demand of new and old customers. In addition, the funds will also be used to support the expansion of the company's wafer fab capabilities and supplement operating funds, ensuring that the company maintains a leading position in fierce market competition.

BluGlass CEO Jim Haden said, "This funding will strongly support our sustained growth strategy. Driven by advanced manufacturing, quantum sensing and computing, defense, space, and biotechnology applications, we will accelerate the production and delivery of visible GaN lasers to meet the rapidly growing market demand. At the same time, we will also invest in future key technologies such as distributed feedback (DFB) lasers, which are key to winning revenue generating projects and partnerships with CLAWS centers and laser pioneers in the United States. These projects provide significant revenue growth while enabling us to offer higher value products to the market, further distinguishing us from large competitors."

"I sincerely thank our loyal shareholders for their support and trust, which enables us to continuously innovate, provide excellent solutions to customers, solve complex challenges, and launch the world's easiest to use GaN laser. We will continue to implement a clear technical and business roadmap, committed to providing higher value products, achieving business growth, and maximizing shareholder value."

Source: OFweek

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