KULR Enters Into Definitive Funding Agreement For Up To $8,000,000
CAMPBELL, Calif., March 05, 2020 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (OTCQB: KULR) (the “Company” or “KULR”), a leading developer of battery safety and thermal management technologies, announced today it secured financing from Yorkville Advisors. KULR closed on an initial loan of $1,500,000 with an additional Standby Equity Distribution Agreement (“SEDA”) in place. Under the terms of the SEDA agreement, Yorkville has committed up to $8,000,000 equity financing over a 24-month period in individual tranches of up to $100,000 each. In exchange for the funds to be provided at each tranche that KULR, at its sole discretion, determines to initiate, Yorkville will receive KULR shares at a price which will be determined anew each time a SEDA tranche is called. Funds from current financing will be used for the research and development of new products as KULR prepares for commercial launch. For more information on the financing please review the Company’s recent 8-K filing.
“This capital investment is a show of confidence in our technology and capacity to commercialize our space-proven thermal management technologies in consumer-facing markets,” said Michael Mo, CEO of KULR. “The proceeds will help bolster the growing number of consumer-facing developmental projects we’re taking on, beyond our normal aerospace customer engagements."
KULR currently works with NASA’s Marshall Space Center and NASA’s Ames Research Center on the PPR CubeSat battery design to meet the JSC 20793 Revision D safety standard created by NASA for a crewed space mission. Also, KULR’s HYDRA thermal runaway shield technology was recently deployed to the International Space Station to store laptop batteries and also is currently being tested by a Tier-1 medical device maker, an electric aircraft maker and others. The Company looks forward to providing important news about product development partnerships throughout 2020.
About KULR Technology Group, Inc.
KULR Technology Group, Inc. (OTCQB: KULR) develops, manufactures and licenses next-generation carbon fiber thermal management technologies for batteries and electronic systems. Leveraging the company’s roots in developing breakthrough cooling solutions for NASA space missions and backed by a strong intellectual property portfolio, KULR enables leading aerospace, electronics and electric vehicle manufacturers to make their products cooler, lighter and safer for the consumer. For more information, please visit www.kulrtechnology.com.
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This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our parent entity’s Form 10-K filed on March 29, 2019. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.