Deep Fission Inc., a company focused on developing underground small modular nuclear reactors, has initiated a roadshow tied to a proposed public offering of its common stock. The firm proposes to sell 6,000,000 shares and is targeting a per-share price in the range of $24.00 to $26.00, according to the company's statement.
Under the terms disclosed, Deep Fission has granted the offering underwriters a 30-day option to acquire up to an additional 900,000 shares at the initial public offering price, less underwriting discounts and commissions. The company has applied to have its common shares listed on the Nasdaq Global Market using the ticker symbol "FISN."
The filing indicates the intended uses for net proceeds from the proposed offering. Deep Fission plans to allocate funds to general working capital and corporate purposes, and specifically to engineering, research and development, licensing activities, and construction related to its first pilot nuclear reactor and associated technologies.
William Blair, Stifel, and Canaccord Genuity are named as joint lead book-running managers for the offering. Seaport Global Securities and Benchmark, a StoneX Company, are identified as bookrunners.
The company has filed a registration statement with the U.S. Securities and Exchange Commission in connection with the planned sale, but that registration statement has not yet become effective. Deep Fission's reactor design is described as a small modular pressurized water reactor intended for installation approximately one mile underground.
Context and next steps
The company is in the roadshow phase, during which potential investors are briefed ahead of a final offering price and the possible completion of the registration process with the SEC. If the underwriters exercise their option in the 30-day window, up to 900,000 additional shares could be sold at the IPO price, subject to customary discounts and commissions.
Investors and market participants will be monitoring the SEC registration status, the final price set within the $24.00 to $26.00 range, and whether the underwriters exercise their option, as these elements will determine the ultimate size and structure of the transaction.