Centrus Energy prices $500M public offering of stock and warrants

Centrus Energy Corp. (NYSE: LEU) has priced a $500 million underwritten public offering consisting of 500,000 shares of Class A common stock, pre-funded warrants to purchase 2,005,513 shares, and common warrants to purchase up to 6,992,382 shares of Class A common stock.

The offering is priced at $199.64 per share of Class A common stock with accompanying common warrants, and $199.54 per pre-funded warrant with accompanying common warrants. The pre-funded warrants carry a nominal exercise price of $0.10 per share and are immediately exercisable upon issuance.

The common warrants will be issued in four series, each with an aggregate exercise price of approximately $500 million. Exercise prices per share are set at $226.8625, $272.2350, $317.6075, and $362.9800, respectively. Each series is divided into two equal tranches, with the first tranche expiring on the second through fifth anniversary of September 10, 2026, and the second tranche expiring nine weeks after each such anniversary.

The closing of the offering is expected on or about September 11, 2026, subject to customary closing conditions. Gross proceeds are expected to be approximately $500 million before underwriting discounts and estimated offering expenses. Proceeds from any exercise of the common warrants are not included in that figure.

According to the company's statement, net proceeds are intended for general working capital and corporate purposes, which may include technology development and deployment, debt repayment or repurchase, capital expenditures, and potential acquisitions.

Guggenheim Securities is serving as lead book-running manager, with Barclays acting as book-running manager for the offering.

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