Netlist prices 17.14M shares at 70c in registered direct offering

Netlist (NLST) has entered into a definitive agreement for the purchase and sale of an aggregate of 17,142,860 shares of its common stock and warrants to purchase up to 34,285,720 shares of common stock at a combined purchase price of $0.70 per share and accompanying warrants in a registered direct offering. For each share of common stock purchased, investors will receive a warrant to purchase up to two shares of common stock. The warrants will have an exercise price of $0.70 per share, be immediately exercisable and will expire five years following the date of issuance. Chun K. Hong, the Company’s President, Chief Executive Officer, and Chairman of the Company’s Board of Directors has agreed to purchase $3.0 million on the same terms and conditions as the other investors in the offering. The offering is expected to close on or about June 25, 2025, subject to the satisfaction of customary closing conditions. Roth Capital Partners is acting as the exclusive placement agent for the offering. The gross proceeds from the offering to the Company are expected to be $12M, before deducting placement agent’s fees and other offering expense payable by the Company. The Company intends to use the net proceeds from the offering for general corporate purposes, including working capital.