Birchtech, which provides mercury capture technology and water purification systems, raised $15 million by offering 6.25 million shares at $2.40, in connection with its uplisting to the NYSE American. At pricing, the company had a market cap of $62 million.
The company's stock was previously listed on the OTCQB (ticker: BCHT) and the TSX (ticker: BCHT); after the NYSE American IPO, it will cease trading on the OTC, but continue to trade on the TSX. Birchtech had originally planned to raise $20 million when it first filed in January, when its stock traded above $4, before cutting the deal size to $15 million earlier this month. Prior to pricing, the stock closed on February 25 at $2.81 per share.
The Corsicana, TX-based company is a provider of specialty activated carbon technologies focused on air and water purification, primarily serving the coal-fired utility sector with mercury emissions capture solutions through its patented SEA process, currently used by 16 electric generating units in the US. The company believes that a significant percentage of coal-fired power plants in the US are infringing upon its patented SEA process for mercury removal, and began actively initiating patent litigations in 2019 against multiple parties. Birchtech also targets the potable water market with sorbent technologies designed to address PFAS, known as "forever chemicals," with new solutions designed to use less activated carbon; this business is supported by two dedicated Design Centers in Pennsylvania and North Dakota for research and development.
Birchtech plans to list on the NYSE American under the symbol BCHT. Lake Street Capital Markets and Huntington Investment acted as joint bookrunners on the deal.
