PureCycle Technologies Inc. is raising another $250 million that will, in part, help pay for the company's polypropylene recycling facility in Augusta, Ga.
The Orlando, Fla.-based company said the "private equity capital raise" involved subscription agreements with Sylebra Capital, Samlyn Capital, and existing partner SK Geo Centric, which was formerly known as SK Global Chemical.
PureCycle expects net proceeds of about $250 million after issuing 35.7 million shares and warrants to purchase another 17.9 million shares, the company said March 9.
The latest investment allows the investors to pay $7 for one common share and the opportunity to purchase an additional one-half common share. Each warrant for the future purchase will have an exercise price of $11.50 per share and is good through March 17, 2026, PureCycle said.
PureCycle indicated the company's initial manufacturing site in Ironton, Ohio, is still scheduled to open during the fourth quarter of this year. The Augusta location, which will have multiple processing lines, is slated to break ground March 22.
The company also reported that Dustin Olson has been promoted from chief manufacturing officer to chief operating officer.