Applied Energetics completes $6.586M private placement

Applied Energetics announced that on December 7, 2022, it closed a private placement of 3 million shares of its common stock to a group of new and existing institutional and accredited investors. The shares were priced at $2.20 per share for gross proceeds of $6.586 million. Applied Energetics plans to use proceeds from the Private Placement to accelerate its strategic vision to develop and deliver innovative USPL technologies for the wide scale deployment of directed energy solutions in contemporary national security operating environments. Use of proceeds is expected to include the addition of strategic personnel, inventory purchases, capital equipment expenditures, and general corporate purposes. With the proliferation of improvised airborne threats based on commercially available unmanned aerial systems becoming a primary threat to personnel, platform, and installation safety, Applied Energetics is focused on providing national security organizations the ability to integrate directed energy-based counter-UAS systems as part of a layered defense approach. The Company’s USPL-based solutions are intended to deliver a combination of high-value effects at a low size, weight, and power configuration. This combination is expected to yield systems that can be deployed on both highly mobile platforms as well as fixed site installations.