Aqua Metals Slumps on $13M Equity Offering

Aqua Metals (NASDAQ: AQMS) shares dropped 24.37% to $22.40 premarket after the clean-tech metals recycler announced it has raised $13 million in gross proceeds through a registered direct offering priced at-the-market under Nasdaq rules.

The offering includes 1.13 million shares of common stock and/or prefunded warrants at a purchase price of $11.34 per share.

Concurrent Private Placement

In a concurrent private placement, Aqua Metals also issued unregistered warrants to purchase up to 1.13 million shares of common stock, also exercisable at $11.34 per share.
These warrants are immediately exercisable and will remain valid for five years following issuance.

The offering is expected to close on Thursday, October 16, 2025.

Use of Proceeds

Aqua Metals said it intends to use the net proceeds for working capital and general corporate purposes, as it continues to scale its proprietary AquaRefining technology for sustainable lithium and battery metal recycling.

Market Reaction

Investors reacted negatively to the equity dilution, sending the stock sharply lower in premarket trading.