BluGlass Secures $10.2M, Launches Entitlement Offer

Semiconductor technology company and laser developer BluGlass has received $10.2 million in commitments from international and Australian investors via a share placement at an issue price of $0.06 per share. The company is also undertaking a nonrenounceable entitlement offer to raise up to a further 2.7 million AUD, which allows shareholders to participate on the same terms as the placement.

Funds will be used for additional fab equipment to scale and speed product delivery and expand BluGlass’ product offerings. According to BluGlass CEO Jim Haden, the funding will provide advanced in-house capabilities that will serve to accelerate commercialization by scaling and speeding product delivery.

“We’re also investing in our GaN laser offering to leverage our competitive advantages, address new markets and applications, and take market share,” Haden said.

BluGlass introduced its first suite of gallium nitride (GaN) laser products earlier this year.