Source: KWESST Micro Systems.
  • KWESST Micro Systems (KWE) has closed its underwritten U.S. public and Canadian offerings
  • In the U.S. offering, the company sold 2,500,000 units at a public offering price of US$4.13 per unit
  • In the Canadian offering, the company sold 726,392 units at a price to the public of US$4.13 per unit
  • KWESST Micro Systems Inc. develops and commercializes tactical systems that meet the requirements of security forces and personal defence
  • KWESST Micro Systems Inc. was down 15.81 per cent, trading at C$4.26 at 1:30 PM ET

KWESST Micro Systems (KWE) has closed its underwritten U.S. and Canadian offerings.

In the U.S. offering, the company sold 2,500,000 units at a public offering price of US$4.13 per unit, consisting of one share of common stock and one warrant to purchase one share of common stock.

The warrants have a per-share exercise price of $5.00, can be exercised immediately, and expire five years from the date of issuance.

In the Canadian offering, the company sold 726,392 units, each consisting of one common share and one warrant to purchase one common share, at a price to the public of US$4.13 per unit.

The warrants will have a per common share exercise price of $5.00, are exercisable immediately and expire five years from the date of issuance.

The common shares of KWESST and the warrants sold in the U.S. offering began trading on the Nasdaq Capital Market under the symbols “KWE” and “KWESW”, respectively, on December 7, 2022.

The aggregate gross proceeds to the company from the U.S. offering and Canadian offering were approximately US$14,145,000 before deducting underwriting discounts and offering expenses.

KWESST intends to use the aggregate net proceeds for working capital, including the commercial roll-out of PARA OPS in the United States and the repayment of certain outstanding loans and other general corporate purposes.

KWESST Micro Systems Inc. develops and commercializes tactical systems that meet the requirements of security forces and personal defence for overmatch capability against adversaries.

KWESST Micro Systems Inc. was down 15.81 per cent, trading at C$4.26 at 1:30 PM ET.


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