Comstock Prices $30 Million Upsized and Oversubscribed Public Offering of Common Stock
Comstock (NYSE: LODE) has priced its upsized public offering of 13,333,334 shares of common stock at $2.25 per share, expecting to raise approximately $30 million in gross proceeds. The offering, which was oversubscribed, includes participation from fundamental institutional investors including a long-only mutual fund and leading investment managers.
The company plans to use the proceeds for capital expenditures related to its first industry-scale solar panel recycling facility, capable of processing over 3 million panels annually, development expenses, and debt repayment. With this offering and debt elimination, Comstock expects to have approximately $45 million in cash on hand.
The offering is expected to close on August 14, 2025, with Titan Partners Group acting as sole bookrunner. The company has granted a 30-day option to purchase up to an additional 2 million shares to cover over-allotments.
Comstock (NYSE: LODE) ha fissato il prezzo della sua offerta pubblica aumentata di 13.333.334 azioni ordinarie a $2,25 per azione, prevedendo di raccogliere circa $30 milioni di proventi lordi. L'offerta, che ha registrato sovrapposcrizione, vede la partecipazione di investitori istituzionali rilevanti, tra cui un fondo comune long-only e primari gestori di investimento.
La societ脿 intende utilizzare i proventi per spese in conto capitale relative al suo primo impianto industriale di riciclo di pannelli solari, in grado di trattare oltre 3 milioni di pannelli all'anno, per costi di sviluppo e per il rimborso del debito. Con questa offerta e l'eliminazione dell'indebitamento, Comstock prevede di disporre di circa $45 milioni in contanti.
L'offerta 猫 prevista in chiusura il 14 agosto 2025, con Titan Partners Group quale unico bookrunner. La societ脿 ha concesso un'opzione di 30 giorni per acquistare fino a ulteriori 2 milioni di azioni a copertura di eventuali over-allocation.
Comstock (NYSE: LODE) ha fijado el precio de su oferta p煤blica ampliada de 13.333.334 acciones ordinarias en $2.25 por acci贸n, esperando recaudar aproximadamente $30 millones en ingresos brutos. La oferta, que estuvo sobresuscrita, incluye la participaci贸n de inversores institucionales clave, entre ellos un fondo mutuo long-only y destacados gestores de inversi贸n.
La compa帽铆a planea destinar los ingresos a gastos de capital relacionados con su primera planta de reciclaje de paneles solares a escala industrial, capaz de procesar m谩s de 3 millones de paneles al a帽o, a gastos de desarrollo y al pago de deudas. Con esta oferta y la eliminaci贸n de deuda, Comstock espera contar con aproximadamente $45 millones en efectivo.
Se espera que la oferta cierre el 14 de agosto de 2025, con Titan Partners Group actuando como 煤nico colocador. La compa帽铆a ha otorgado una opci贸n de 30 d铆as para comprar hasta 2 millones de acciones adicionales para cubrir sobreasignaciones.
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Comstock (NYSE: LODE) a fix茅 le prix de son offre publique augment茅e de 13 333 334 actions ordinaires 脿 2,25 $ par action, et pr茅voit de lever environ 30 millions de dollars de produit brut. L'offre, qui a 茅t茅 sursouscrite, comprend la participation d'investisseurs institutionnels de premier plan, notamment un fonds commun long鈥憃nly et des gestionnaires d'investissement majeurs.
La soci茅t茅 pr茅voit d'utiliser les fonds pour des d茅penses d'investissement li茅es 脿 sa premi猫re usine de recyclage de panneaux solaires 脿 l'茅chelle industrielle, capable de traiter plus de 3 millions de panneaux par an, pour des frais de d茅veloppement et le remboursement de dettes. Avec cette offre et l'茅limination de l'endettement, Comstock s'attend 脿 disposer d'environ 45 millions de dollars en liquidit茅s.
La cl么ture de l'offre est pr茅vue le 14 ao没t 2025, Titan Partners Group agissant comme teneur de livre unique. La soci茅t茅 a accord茅 une option de 30 jours pour acheter jusqu'脿 2 millions d'actions suppl茅mentaires afin de couvrir les surallocations.
Comstock (NYSE: LODE) hat den Preis f眉r seine aufgestockte 枚ffentliche Platzierung von 13.333.334 Aktien Stammaktien auf $2,25 pro Aktie festgelegt und erwartet, rund $30 Millionen an Bruttoerl枚sen zu erzielen. Das Angebot, das 眉berzeichnet war, umfasst die Beteiligung bedeutender institutioneller Investoren, darunter ein Long鈥慜nly鈥慒onds und f眉hrende Verm枚gensverwalter.
Das Unternehmen plant, die Erl枚se f眉r Investitionsausgaben im Zusammenhang mit seiner ersten industriellen Recyclinganlage f眉r Solarmodule, die 眉ber 3 Millionen Module pro Jahr verarbeiten kann, f眉r Entwicklungskosten und zur Schuldentilgung zu verwenden. Mit diesem Angebot und dem Abbau der Verbindlichkeiten rechnet Comstock mit etwa $45 Millionen an liquiden Mitteln.
Der Abschluss der Platzierung ist f眉r den 14. August 2025 vorgesehen; Titan Partners Group fungiert als alleiniger Bookrunner. Das Unternehmen hat eine 30鈥憈盲gige Option einger盲umt, um bis zu weitere 2 Millionen Aktien zur Deckung von 脺berallokationen zu erwerben.
- Elimination of all outstanding debt strengthens balance sheet
- Secured backing from major institutional investors including long-only mutual fund
- Expected cash position of $45 million after offering
- Funding secured for commercialization of industry-scale solar panel recycling facility
- Significant shareholder dilution through issuance of 13.3 million new shares
- Additional potential dilution through 2 million share over-allotment option
Insights
Comstock's $30M offering eliminates debt and funds commercialization of industry-scale solar panel recycling, attracting significant institutional investment.
Comstock's $30 million upsized public offering represents a significant capital infusion that fundamentally transforms the company's financial position. By pricing 13,333,334 shares at $2.25 each, the company has attracted substantial institutional backing, including participation from a long-only mutual fund and several global investment managers - a strong vote of confidence in Comstock's business model.
The most critical aspect of this financing is its dual impact: eliminating all outstanding debt while simultaneously providing approximately $45 million in expected cash reserves. This clean balance sheet dramatically reduces financial risk and gives the company significant operational flexibility. The debt elimination alone will improve profitability by reducing interest expenses and removing restrictive covenants that typically accompany corporate debt.
The capital raise comes at a strategic inflection point for Comstock's solar panel recycling technology. The company can now fully fund commercialization of its first industry-scale facility capable of processing over 3 million solar panels annually. This timing is particularly favorable as the solar industry faces mounting end-of-life panel disposal challenges, with millions of first-generation panels approaching retirement.
The oversubscription indicates strong market demand for this offering, suggesting investors recognize the substantial growth potential in Comstock's recycling technology. With an additional 2 million share option granted to underwriters, the company could potentially secure up to approximately $34.5 million in gross proceeds, further strengthening its financial position and ability to execute on its commercialization timeline.
The strategic significance of Comstock's capital raise extends far beyond the immediate financial implications. This funding positions the company to capitalize on an emerging critical gap in the renewable energy lifecycle - the sustainable disposal and material recovery from end-of-life solar panels.
What makes this particularly compelling is the scale of Comstock's recycling approach. A facility processing 3 million panels annually would represent one of the largest solar recycling operations globally, addressing a rapidly growing waste stream that contains valuable recoverable materials including silver, copper, aluminum, and silicon. The economics of solar panel recycling improve dramatically at this scale, potentially allowing Comstock to achieve cost advantages over smaller competitors.
The institutional investment backing is especially telling. These sophisticated investors typically conduct extensive due diligence on technology viability, market size, and competitive positioning. Their participation suggests confidence in both Comstock's technical approach and the substantial market opportunity in solar panel recycling.
The timing aligns with increasing regulatory pressure worldwide regarding responsible disposal of solar panels. As jurisdictions implement stricter regulations prohibiting landfilling of panels containing potentially hazardous materials, companies with established recycling infrastructure will be positioned to capture significant market share. By accelerating commercialization now, Comstock may establish early-mover advantages in this developing industry.
This capital raise demonstrates a strategic pivot toward positioning Comstock as a key infrastructure provider in the circular economy for clean energy technologies - addressing a critical sustainability gap in an industry projected to deploy billions of solar panels globally over the coming decades.
- With the elimination of all outstanding debt and approximately
$45 million in expected cash on hand, Comstock is positioned to fully fund the commercialization of its first industry-scale Comstock Metals facility and advance key development initiatives - Offering includes participation from fundamental institutional investors, including a long-only mutual fund, a leading alternative asset manager, several preeminent global investment managers, and existing investors
VIRGINIA CITY, Nev., Aug. 12, 2025 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) (鈥淐omstock鈥� and the 鈥淐ompany鈥�), today announced that it has priced its previously announced underwritten public offering of 13,333,334 shares of its common stock at a price to the public of听
鈥淲e are pleased to secure this level of fundamental support from leading institutional investors,鈥� said Corrado De Gasperis, Executive Chairman and CEO of Comstock. 鈥淏y eliminating all outstanding debt and fortifying our cash position, we have established an incredibly strong foundation for immediate and future growth. We believe our solar panel recycling business is uniquely positioned to accelerate commercialization of our industry-leading technologies and industry-scale recycling facilities.鈥�
The Company intends to use the net proceeds from this offering for capital expenditures associated with commercializing its first industry scale facility for Comstock Metals, development expenses, and general corporate purposes, including the payment of existing indebtedness. The offering is expected to close on August 14, 2025, subject to customary closing conditions.
The Company has granted the underwriter a 30-day option to purchase up to an additional 2,000,000 shares of common stock to cover over-allotments, if any, at the per share public offering price, less underwriting discounts and commissions.
Titan Partners Group, a division of American Capital Partners, is acting as the sole bookrunner for the offering.
This offering is being made pursuant to an effective shelf registration statement on Form S-3 (No. 333-285744) (including a base prospectus) previously filed with the U.S. Securities and Exchange Commission (the 鈥淪EC鈥�) on March 12, 2025, and declared effective on March 24, 2025. The offering is being made only by means of a preliminary prospectus supplement and a final prospectus supplement and the accompanying base prospectus that form a part of the registration statement. These documents, including the preliminary prospectus supplement relating to the offering, are available for free on the SEC鈥檚 website at . Copies of the final prospectus supplement, when available, and the accompanying base prospectus relating to the offering may be accessed for free on the SEC鈥檚 website at or obtained by contacting Titan Partners Group LLC, a division of American Capital Partners, LLC, 4 World Trade Center, 29th Floor, New York, NY 10007, by phone at (929) 833-1246听or by email at .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Comstock Inc.
Comstock Inc. (NYSE: LODE) innovates and commercializes technologies that enable, support and sustain clean energy systems across entire industries by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable electrification metals, like silver, aluminum, copper, and other critical minerals from end-of-life photovoltaics. To learn more, please visit .
Comstock Social Media Policy
Comstock Inc. has used, and intends to continue using, its link and main website at in addition to its , and accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Contacts
For investor inquiries:
Judd B. Merrill, Chief Financial Officer
Tel (775) 413-6222
For media inquiries:
Zach Spencer, Director of External Relations
Tel (775) 847-7573
Forward-Looking Statements听
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These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; ability to successfully identify, finance, complete and integrate acquisitions, spin-offs or similar distribution transactions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.
FAQ
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