Braidy Industries, headquartered in Ashland, Kentucky, raised $75 million dollars in a common stock issuance at $10 per share
Veloxint, with its proprietary ultra-high-strength powder metallurgy technology, was acquired in a stock exchange for 100% of its outstanding equity, making Veloxint a wholly-owned subsidiary of Braidy Industries
Veloxint manufacturing will be co-located at the Braidy Industries EastPark site in Ashland, Kentucky
ASHLAND, Ky.–(BUSINESS WIRE)–Less than one year after their announcement of plans to construct a $1.5 billion greenfield aluminum mill in Greenup County, Kentucky, Braidy Industries announces its successful completion of a $75 million Series B common stock issuance at $10 per share. Following the close of this financing, Braidy Industries finalized its acquisition of 100% of the outstanding equity of MIT-incubated ultra-high strength alloy and powder metallurgy provider, Veloxint.
“We are excited to officially bring Veloxint into the Braidy Industries family. This will enable the next step in fulfilling our original vision of transforming the metals industry using Veloxint’s proprietary materials design toolset to offer high-performance, cost-effective next-generation metal products.”
Craig T. Bouchard, Braidy Industries Chairman and CEO, said, “The close of our Veloxint acquisition places Braidy Industries in position to meet the demands and challenges of a transportation industry in need of cost-effective light-weighting. In the very near term, Veloxint will become the ‘lighter and stronger’ standard for transportation, mining, tools and consumer goods. This is a terrific win for Kentucky, and consistent with the goal of converting the Northeast corner of our beautiful state into the global intersection of science and advanced manufacturing.”
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