Westwater Resources Files 10-Q, Details Stock Sale Agreements

Ticker: WWR · Form: 10-Q · Filed: 2024-11-14T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, capital-raising, stock-offering

TL;DR

WWR filed 10-Q, signed stock sale deals with Lincoln Park & others. Raising cash.

AI Summary

Westwater Resources, Inc. filed its 10-Q for the period ending September 30, 2024. The company entered into an At-the-Market (ATM) Offering Agreement and Stock Purchase Agreement with Lincoln Park Capital Fund, LLC on October 11, 2024, and also has an ATM Sales Agreement with H.C. Wainwright & Co. and Cantor Fitzgerald & Co. These agreements allow for the sale of common stock, indicating potential capital raising activities.

Why It Matters

The company's engagement in stock sale agreements suggests efforts to raise capital, which could impact its financial structure and future operational funding.

Risk Assessment

Risk Level: medium — The company's reliance on ATM offerings and stock purchase agreements indicates potential dilution and ongoing capital needs, which can be a risk for investors.

Key Players & Entities

FAQ

What is the total amount of capital Westwater Resources aims to raise through its ATM offerings?

The filing mentions "AtmOfferingAgreementAndStockPurchaseAgreement" and "AtmSalesAgreement" but does not specify a total dollar amount for the capital to be raised through these agreements.

When was the most recent ATM offering agreement entered into?

An "AtmOfferingAgreementAndStockPurchaseAgreement" was entered into on October 11, 2024.

Who are the primary financial institutions involved in Westwater Resources' stock sale agreements?

The primary institutions mentioned are Lincoln Park Capital Fund, LLC, H.c. Wainwright & Co., and Cantor Fitzgerald & Co.

What is the reporting period for this 10-Q filing?

The Conformed Period of Report is 20240930, meaning the filing covers the period ending September 30, 2024.

Has Westwater Resources had previous stock purchase agreements with Lincoln Park Capital Fund, LLC?

Yes, a "StockPurchaseAgreement" with "LincolnParkCapitalFundLlcMember" is referenced with a date of 2020-12-04.

Filing Stats: 4,515 words · 18 min read · ~15 pages · Grade level 13.1 · Accepted 2024-11-14 16:20:16

Key Financial Figures

Filing Documents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION 6

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 6

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 19

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 26

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 26

- OTHER INFORMATION

PART II - OTHER INFORMATION 27

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 27

RISK FACTORS

ITEM 1A. RISK FACTORS 27

UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS AND ISSUER PURCHASES OF EQUITY SECURITIES 27

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 27

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 27

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 27

EXHIBITS

ITEM 6. EXHIBITS 28

SIGNATURES

SIGNATURES 29 2 Table of Contents DEFINITIONS When used in this Form 10-Q, the following terms have the meaning indicated. T erm M eaning AGP Alabama Graphite Products, LLC, an Alabama limited liability company and wholly owned subsidiary of Westwater Resources. Alabama Graphite Alabama Graphite Company, Inc., an Alabama corporation and wholly owned subsidiary of Westwater Resources. Annual Report Westwater Resources, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2023. ASC FASB Accounting Standards Codification. ASU FASB Accounting Standards Update. ATM Offering Agreement Controlled Equity Offering Sale Agreement between Westwater Resources and Cantor Fitzgerald & Co. dated April 14, 2017 and terminated effective August 29, 2024. ATM Sales Agreement At The Market Offering Agreement between Westwater Resources and H.C. Wainwright & Co., LLC. dated August 30, 2024. Board The Board of Directors of Westwater Resources, Inc. Cantor Cantor Fitzgerald & Co. common stock Common stock of the Company, $0.001 par value per share. Coosa Graphite Deposit The Company's graphite mineral deposit located near Rockford, Alabama. CSPG Coated spherical purified graphite. EU Critical Raw Minerals List The list of raw materials that are crucial to the economy of the European Union published by the European Commission. FASB The Financial Accounting Standards Board. FASB Concepts Statements FASB Concepts Statements set the objectives, qualitative characteristics, and other concepts that guide selection of economic phenomena to be recognized and measured for financial reporting and their display in financial statements or related means of communicating information. FCA FCA US LLC, an electric vehicle manufacturer and part of the Stellantis group of companies. Stellantis designs, manufactures, and sells automobiles under its 14 brands: Abarth, Alfa Romeo, Chrysler, Citron, Dodge, DS, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot,

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS WESTWATER RESOURCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (expressed in thousands of dollars, except share amounts) (unaudited) September 30, December 31, 2024 2023 ASSETS Current Assets: Cash and cash equivalents $ 4,545 $ 10,852 Prepaid and other current assets 1,120 762 Total Current Assets 5,665 11,614 Property, plant and equipment, at cost: Property, plant and equipment 136,887 132,870 Less: Accumulated depreciation ( 652 ) ( 470 ) Net property, plant and equipment 136,235 132,400 Operating lease right-of-use assets 248 336 Finance lease right-of-use assets 15 20 Other long-term assets 1,326 5,461 Total Assets $ 143,489 $ 149,831 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 7,618 $ 5,957 Accrued liabilities 1,695 1,696 Operating lease liability, current 129 117 Finance lease liability, current 6 5 Total Current Liabilities 9,448 7,775 Operating lease liability, net of current 121 220 Finance lease liability, net of current 11 15 Other long-term liabilities 1,378 1,378 Total Liabilities 10,958 9,388 Commitments and Contingencies (see note 10) Stockholders' Equity: Common stock, 200,000,000 shares authorized, $ 0.001 par value Issued shares - 59,419,177 and 55,387,794 , respectively Outstanding shares - 59,419,016 and 55,387,633 , respectively 59 55 Paid-in capital 503,584 501,675 Accumulated deficit ( 370,854 ) ( 361,029 ) Less: Treasury stock ( 161 shares), at cost ( 258 ) ( 258 ) Total Stockholders' Equity 132,531 140,443 Total Liabilities and Stockholders' Equity $ 143,489 $ 149,831 The accompanying notes are an integral part of these condensed consolidated financial statements. 6 Table of Contents WESTWATER RESOURCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (expressed in thousands of dollars, except share and per

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