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Thursday, Sep 28, 2023

Private Placement to Bankroll BioSolar’s Hydrogen Research

 BioSolar Inc. plans a $5 million private placement to bankroll its research on hydrogen fuel.The Santa Clarita-based company, which recently shifted direction to hydrogen fuel rather than its previous research on lithium batteries, has agreed that a single institutional investor will buy 125 million shares of common stock, plus warrants for another 125 million shares. The price is 4 cents for one share plus one warrant.The warrants have a strike price of 4 cents and expire in five years.The company plans to use the expected proceeds of $5 million “to aggressively expand and accelerate the development of its electrolyzer technology to lower the cost of green hydrogen production, as well as for working capital and general corporate purposes.” The offering is expected to close on or about April 7.Shares of BioSolar (BSRC) closed Monday down 7.9 percent, or a fraction of a cent, to a little more than 5 cents on the over-the-counter market.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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