** Shares of AirJoule Technologies AIRJ.O, developer of atmospheric energy and pure water harvesting systems for sustainable air conditioning, down 17.1% to $3.29 premarket after follow-on offering priced
** Ronan, Montana-based AIRJ announces ~6.2 mln shares at $3.25 for $20 mln gross raise
** Offering price represents an 18.1% discount to stock's last close
** Certain existing holders, including exec board chairman Patrick Eilers and CEO Matthew Jore indicated to buy up $775,000 of the offering, per the prospectus
** AIRJ plans to use net proceeds to fund growth and working capital and for general corporate purposes
** Co said earlier this month it contributed an additional $5 mln in capital contribution to its joint venture with GE Vernova GEV.N, according to the prospectus filing. Carrier Global CARR.N is also among AIRJ's global partnerships
** AIRJ debuted in Mar 2024 when its predecessor, Montana Technologies, completed SPAC merger, and then changed its name to AirJoule Technologies in Nov of that year
** Through Tues, AIRJ shares shed 50% over the past year
** Co has ~60.7 mln shares outstanding
** All 4 analysts covering the stock are bullish; PTs range from $7-$12, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
