XG Sciences plans $24 million IPO
XG Sciences aims to raise $24 million through an initial public offering to fund operations, as it continues to commercialize composite materials for lithium-ion batteries and other applications. Of the $24 million XGS hopes to raise through an IPO, $11.4 million will go to fund operations for the next two years, “by which time the company might begin generating positive cash flow from operations.” Proceeds from the IPO would also go to working capital, and to increase capacity and its sales and technical service staff.
While the company has accumulated operating losses exceeding $43 million during its development stage, the securities filing cites a growing customer list and order volume. XG Sciences projects 2016 revenues of $5 million to $10 million through the sale of graphene and graphene nanoplatelets for electronic and industrial products that use lithium-ion batteries. A number of companies are currently testing XG Sciences’ materials for applications including lithium-ion batteries, supercapacitors, thermal shielding, inks and coatings, printed electronics, construction products, composites and military uses.
Source: http://www.graphene-info.com/xg-sciences-plans-24-million-ipo
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