Now Publicly Available
- Stock Symbol: NEWH
SANTA CLARITA, Calif., Jan. 27, 2021 (GLOBE NEWSWIRE) -- BioSolar, Inc. (OTC: BSRC), a developer of clean energy technologies, today announced the closing of its previously announced private placement offering of 83,333,334 shares of common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to an aggregate of 83,333,334 shares of common stock. The combined purchase price for one share of common stock (common stock equivalent) and a warrant to purchase one share of common stock was $0.06. The warrants have an exercise price of $0.06 per share, will be immediately exercisable and will expire five and one-half years from the issue date.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
The gross proceeds from the private placement offering were approximately $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 offer and sale of the foregoing securities were made in a transaction not involving a public offering and have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.
Under an agreement with the investors, the Company is required to file an initial registration statement with the Securities and Exchange Commission covering the resale of the securities issued to the investors within 15 calendar days and to use its best efforts to have the registration statement declared effective as promptly as practical thereafter, and in any event no later than 90 days after today in the event of a “full review” by the Securities and Exchange Commission.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor there any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such 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.