ASHLAND, Ky. — More than 750 Kentuckians have invested in Braidy Industries through a crowdfunding equity Main Street offering that closed on Thursday.
“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 with their wallets. In doing so, they join our relentless pursuit to bring prosperity to Appalachia with high-paying advanced manufacturing jobs.”
The crowdfunding of common stock offering was in was capped at $1 million and is parallel to its $500 million Wall Street private placement offering.
Also Braidy announced that the Commonwealth of Kentucky’s initial investment of $15 million is reaping dividends. At current valuation implied by the terms of the completed offering, Kentucky taxpayers’ investment two years ago made at $5 per share has increased to $18 per share, giving taxpayers a 250% appreciation on the investment.
“The company thanks Governor (Matt) 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,” Bouchard said.
The $15 million incentive was unanimously voted on at the close of the 2016 General Assembly.
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 is expected to create 550 jobs to manufacture the lowest-cost aluminum in the world on a greenfield plant.
Braidy has more than $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.
Dr. Jay Box, president of the KCTCS Colleges, has enjoyed a partnership with Braidy, too.
“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,” Box said.
“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.”