KULR Announces $300 Million ATM Offering in Partnership with Top Banks
KULR Technology Group, Inc. (NYSE American: KULR) has entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. and Craig-Hallum Capital Group LLC. The agreement enables the company to sell up to $300 million of its common stock through an at-the-market (ATM) offering, with net proceeds allocated to support its Bitcoin treasury reserve. Cantor Fitzgerald will act as the sole sales agent, using commercially reasonable efforts to sell shares at prevailing market prices. The offering is conducted under an existing shelf registration and may occur periodically based on market conditions and company discretion.
Offering Details, Pricing, and Risk Factors
As of June 6, 2025, KULR's common stock was trading at $1.18 per share. The total number of shares issued under the agreement will not exceed the company's authorized but unissued shares, after accounting for shares already reserved or committed. KULR will pay the sales agents a commission of up to 3.0% of gross sales proceeds. The agents are considered underwriters under the Securities Act of 1933, and KULR has agreed to indemnify them against certain liabilities. The company cautioned: “Our business and an investment in our common stock involve significant risks,” referencing detailed risk factors in the prospectus supplement.
Bitcoin Treasury Strategy: Long-Term Holding and Continuous Accumulation
KULR began adopting Bitcoin as its primary treasury reserve asset in December 2024. The strategy focuses on acquiring and holding Bitcoin by using cash flows exceeding working capital requirements, issuing equity debt securities, or raising additional capital to purchase more Bitcoin. The filing stated: “We view our bitcoin holdings as long term holdings and expect to continue to accumulate bitcoin. We have not set any specific target for the amount of bitcoin we seek to hold, and we will continue to monitor market conditions in determining whether to engage in additional bitcoin purchases.” The overall strategy also considers periodic sales for general corporate purposes or tax-benefit strategies, entering into capital raising transactions collateralized by Bitcoin holdings, and pursuing ways to generate income streams using Bitcoin.