NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear”), an emerging vertically integrated microreactor and advanced nuclear technology company led by a world-class nuclear engineering team developing proprietary, portable, and clean energy solutions, is pleased to announce the closing of its initial public offering of 2,562,500 shares of common stock at a price to the public of $4.00 per share on May 10, 2024.

The gross proceeds to NANO Nuclear from the offering, before deducting underwriting discounts and commissions and other offering expenses, were $10,250,000, and net proceeds were approximately $9,000,000.  The shares sold in the offering began trading on the Nasdaq Capital Market under the symbol “NNE” on May 8, 2024.

NANO Nuclear believes that it is the first U.S. publicly listed company focusing on the design and development of portable nuclear microreactors. According to the U.S. Department of Energy, microreactor designs vary, but most are designed to produce 1 to 20 megawatts of thermal energy that could be used directly as heat or converted to electric power. NANO Nuclear’s current microreactor designs are for reactors that would produce 1 to 2 megawatts of electric output.

In addition, unlike other small or micro nuclear reactor companies, NANO Nuclear is seeking to become diversified and vertically integrated with multiple potential streams of revenue, including microreactor development, nuclear fuel fabrication, nuclear fuel transportation and nuclear industry consulting services.

NANO Nuclear intends to use the net proceeds from its initial public offering to continue the research and development of its proprietary microreactor designs, ‘ZEUS’ and ‘ODIN’; advance its exclusive patented license to transport commercial quantities of HALEU fuel needed for the future of the advanced nuclear industry; develop a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors and the broader advanced nuclear reactor industry, as well as general corporate purposes and working capital.

The Benchmark Company, LLC acted as the sole book-running representative for the offering. Ellenoff Grossman & Schole LLP acted as counsel to NANO Nuclear. Lucosky Brookman LLP acted as counsel to The Benchmark Company. Withum Smith+Brown PC are NANO Nuclear’s registered independent auditors.

A registration statement relating to NANO Nuclear’s initial public offering was filed with the Securities and Exchange Commission and was declared effective on May 6, 2024.  This registration statement can be obtained by visiting the SEC website at www.sec.gov.  Please see such registration statement for additional information regarding NANO Nuclear.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, 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.