Now Publicly Available
- Stock Symbol: NEWH
SANTA CLARITA, Calif., April 05, 2021 (GLOBE NEWSWIRE) -- BioSolar, Inc. (OTC: BSRC), a developer of energy technologies, today announced that it has entered into a securities purchase agreement with a single institutional investor to purchase in a registered direct offering 125,000,000 shares of common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to an aggregate of 125,000,000 shares of common stock. The combined purchase price for one share of common stock (or common stock equivalent in lieu thereof) and a warrant to purchase one share of common stock is $0.04. The warrants have an exercise price of $0.04 per share, will be immediately exercisable and will expire five years from the issuance date.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds from the offering are expected to be $5.0 million. The Company intends to use the net proceeds primarily to aggressively expand and accelerate the development of its electrolyzer technology to lower the cost of green hydrogen production, as well as for working capital and general corporate purposes. The offering is expected to close on or about April 7, 2021, subject to the satisfaction of customary closing conditions.
A shelf registration statement on Form S-3 (File No. 333-254336) relating to the registered direct offering of the securities described above was filed with the Securities and Exchange Commission (“SEC”) on March 16, 2021 and was declared effective on March 25, 2021. The offering of the securities is being made only by means of a prospectus supplement and accompanying prospectus that forms a part of the effective registration statement. Electronic copies of the final prospectus supplement and the accompanying prospectus will be filed with the SEC and may be obtained, when available, from H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by calling (212) 856-5711 or by emailing placements@hcwco.com or at the SEC’s website at http://www.sec.gov.
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 any such state or jurisdiction.
The Company recently announced that is in the process of changing its corporate name to NewHydrogen, Inc. to better reflect its expanded focus on green hydrogen technologies.
BioSolar is developing breakthrough technologies to increase the storage capacity,
lower the cost and extend the life of lithium-ion batteries for electric vehicles. The need for such
breakthroughs is critical to meet the expected demand of the rapidly growing global electric vehicle
battery market, which is forecast to exceed $90 billion by 2025. A lithium-ion battery contains two
major parts, a lithium-filled cathode and a lithium-receiving anode, that function together as the
positive and negative sides of the battery. BioSolar is developing innovative technologies that will
enable the use of inexpensive silicon as the anode material to create next generation high energy
and high-power lithium-ion batteries for electric vehicles. Founded with the vision of developing
breakthrough energy technologies, BioSolar's previous successes include the world's first bio-based
backsheet for use in solar panels.
To learn more about BioSolar, please visit our website
at https://www.biosolar.com.
NewHydrogen is developing ThermoLoop™ – a breakthrough technology that uses water
and heat rather than electricity to produce the world’s lowest cost green hydrogen. Hydrogen is the
cleanest and most abundant element in the universe, and we can’t live without it. Hydrogen is the
key ingredient in making fertilizers needed to grow food for the world. It is also used for
transportation, refining oil and making steel, glass, pharmaceuticals and more. Nearly all the
hydrogen today is made from hydrocarbons like coal, oil, and natural gas, which are dirty and
limited resources. Water, on the other hand, is an infinite and renewable worldwide resource.
Currently, the most common method of making green hydrogen is to split water into oxygen and
hydrogen with an electrolyzer using green electricity produced from solar or wind. However, green
electricity is and always will be very expensive. It currently accounts for 73% of the cost of green
hydrogen. By using heat directly, we can skip the expensive process of making electricity, and
fundamentally lower the cost of green hydrogen. Inexpensive heat can be obtained from concentrated
solar, geothermal, nuclear reactors and industrial waste heat for use in our novel low-cost
thermochemical water splitting process. Working with a world class research team at UC Santa
Barbara, our goal is to help usher in the green hydrogen economy that Goldman Sachs estimated to
have a future market value of $12 trillion.
Matters discussed in this press release contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press
release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar
expressions identify such forward-looking statements. Actual results, performance or achievements
could differ materially from those contemplated, expressed or implied by the forward-looking
statements contained herein. These forward-looking statements are based largely on the expectations
of the Company and are subject to a number of risks and uncertainties. These include, but are not
limited to, risks and uncertainties associated with: the impact of economic, competitive and other
factors affecting the Company and its operations, markets, the impact on the national and local
economies resulting from terrorist actions, the impact of public health epidemics on the global
economy and other factors detailed in reports filed by the Company with the United States Securities
and Exchange Commission.
Any forward-looking statement made by us in this press release is based only on information
currently available to us and speaks only as of the date on which it is made. We undertake no
obligation to publicly update any forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information, future developments or otherwise.