IPO - Palladyne AI Corp.

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Form Type: 424B5

Filing Date: 2024-12-31

Corporate Action: Ipo

Type: New

Accession Number: 000095017024141640

Filing Summary: Palladyne AI Corp. filed a prospectus supplement with the SEC on December 31, 2024, related to an offering of up to $30 million in common stock under an Open Market Sale Agreement with Jefferies LLC. The offering targets the sale of shares intended to develop and commercialize the company’s artificial intelligence and machine learning software platform that enhances robotic systems. This follows a registered offering completed in October 2024, fetching approximately $6 million. By December 27, 2024, prior sales under another prospectus amounted to about $18 million with expectations of generating revenue from the commercial launch of its software products, Palladyne IQ and Palladyne Pilot, in 2025. The document stresses significant investment risks and outlines the intended use of proceeds for organizational and product development purposes.

Document Link: View Document

Additional details:

Common Stock Offered: up to $30,000,000

Last Reported Sale Price: $11.77

Common Stock Outstanding After Offering: up to 29,412,818 shares

Agent Name: Jefferies LLC

Percentage Compensation: 3.0%

Cash And Cash Equivalents: approximately $40 million

Preliminary Cash Resources: $40 million

Insider Purchase Agreement: 430,105 shares for approximately $1.0 million

Investor Purchase Agreement: 2,790,700 shares for approximately $6.0 million

Total Shared Sold Under November 2024 Prospectus: 3,680,543 shares for approximately $18.0 million

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