ASHLAND, Ky. — Braidy Industries announced Monday the fully-committed completion of Regulation CF “crowdfunding” of its common stock offering, in parallel to its $500 million Wall Street private placement offering. The Regulation CF offering was launched by Braidy via the Netcapital portal allowing main street Kentuckians classified as non-accredited investors the opportunity to make a pre-IPO purchase of stock.
At Braidy’s current valuation implied by the terms of the completed offering, the Commonwealth of Kentucky’s initial $15 million investment made at $5 per share has increased to $18 per share, giving taxpayers a 250% appreciation on its investment.
Braidy recently announced a $200 million strategic equity commitment made by United Company Rusal into its subsidiary company, Braidy Atlas LLC (of which $60 million has already been funded), and a 10-year supply agreement of in-demand low carbon prime aluminum for the mill. It creates 550 jobs to manufacture the highest quality, most sustainable and lowest cost aluminum in the world, as a private industry version of the “new green deal.”
Braidy has over $1 billion in competitive indications of investment interest for the remaining $300 million of its $500 million Wall Street private placement offering that remains subject to final close.
“Over 750 main street investors, primarily Kentuckians, invested their hard-earned money in Braidy to build a healthy community and a healthy company,” said Chairman and CEO Craig T. Bouchard. “These individuals each voted their wallets. In doing so, they join our relentless pursuit to bring prosperity to Appalachia with high-paying advanced manufacturing jobs. The Company thanks Governor Bevin and all of the Republican and Democratic Senators and House Representatives for their bipartisan support and unanimous vote in support of bringing Braidy to Kentucky.”
Dr. Jay Box, president of the KCTCS Colleges stated, “Main Street Kentucky knows how important it is to retool its workforce through programs like the Braidy AIT Associates degree at Ashland Community and Technical College, right next to the mill site. Putting coal miners and steel workers back to work is a critical priority. Creating a future for our next generation of great kids is equally important.”
Greenup County Judge Robert Carpenter (Dem.) added, “Braidy has provided over 25 high school graduates in the area with college scholarships and summer internships since locating its corporate headquarters to Ashland. They have contributed to over 200 charitable causes and taken a leadership position in fighting the opioid crisis. We couldn’t have hoped for such corporate responsibility after two decades of tough times locally.”
House Minority Leader Rocky Adkins said, “We need Braidy to succeed in Eastern Kentucky. I along with many others support the company’s efforts and think Braidy has assembled a first-class team at its corporate headquarters in Ashland, Kentucky. With thousands of jobs having been lost throughout Appalachia in the coal, steel and railroad industries, I proudly supported this investment for Braidy to bring hope and opportunity back to our region. I believe this project will open the door to many other industries. Eastern Kentucky needs a strong diversified economy that will produce the types of jobs our people need and deserve. Braidy Industries will be the catalyst to make this happen.”
Bouchard added: “These supporters become the essence of the community partnership we seek to foster. We are building the 13th largest building in the world and are ahead of every timeline we imagined two years ago. The tabloids like to print deadlines for us which don’t exist. Braidy has known all along that a major business like this isn’t created overnight. We are beyond pleased that all the pieces continue to come together. We remain on track for 2021.”