BUZZ - Artificial intelligence infrastructure company New Era Energy stock plummets due to $64 million PIPE financing

October 29 - ** Artificial intelligence infrastructure developer New Era Energy & Digital (NUAI.O) shares fell 16.8% in pre-market trading on Thursday to $2.77, after the company announced it would raise $64 million through a private placement

** Texas Midland-based NUAI said (link) it would sell about 23.3 million shares at $2.75 each via PIPE (private investment in public equity).

** The offering price represents a 17.4% discount to the previous session’s closing price

** The company plans to use the net proceeds from the PIPE to pay down recent borrowings under the Macquarie credit facility, supplement working capital, and for general purposes

** Northland Capital Markets is acting as the sole placement agent

** NUAI has approximately 106.56 million shares outstanding

** On September 21, NUAI shares surged about 31% to close at $7.65 after the company signed a power purchase agreement with Luminant, an affiliate of Vistra (link) (link) VST.N

** As of this Wednesday, NUAI shares have dropped 50% in October, but are still up about 14% year-to-date

** According to LSEG data, all four analysts covering the stock have a “buy” rating; the median target price is $11

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