Aluminum alloy producer Braidy Industries, headquartered in Ashland, Kentucky, is now offering new stock to investors through March 31. The company is seeking to raise $500 million from investors to secure construction loans for a new aluminum mill it has planned for the Ashland area, according to an article from WDRB.com, Louisville, Kentucky.
This is the second extension the company has made to the stock purchase deadline. Braidy Industries initially established Nov. 19, 2018, as the deadline for its stock sale, which it later extended to Dec. 31, 2018, the local news network reports.
Braidy Atlas LLC is the $1.6 billion aluminum rolling mill planned for Ashland. It will be the first greenfield aluminum rolling mill built in the U.S. in 35 years, according to the company, and will help meet the rapidly growing demand from the automotive and aerospace industries for lightweight exposed sheet aluminum and will assist efforts to rebuild Appalachia.
Braidy Atlas broke ground on the 2.5-million-square-foot, fully integrated aluminum rolling mill in June 2018 and says it expects to complete the project in 2020.
WDRB.com reports that the company received $15 million in startup capital from Kentucky taxpayers in 2017 as part of Gov. Matt Bevin’s effort to attract the plant but still needs to raise $500 million from investors so that it can borrow $1.2 billion for the plant’s construction.
The news network reports that Braidy Industries said it extended the deadline so it can continue talks with “a number of potential strategic investors.”
According to the report, “Braidy Industries also repeated previous assertions that it has ‘in excess of $1 billion in substantial indications of interest from various accredited parties’– referring to large or institutional investors—and that the company is ‘satisfied and confident’ in the progress of the stock sale.”Braidy Industries also filed a draft registration statement with the Securities and Exchange Commission, according to WDRB.com, taking it a step closer to becoming publicly traded. “The company has previously said it hopes to be publicly traded on the NASDAQ exchange as soon as this year,” the network adds.