BluGlass Limited (ASX: $BLG) SPP Closure and Fundraising

BluGlass Limited (ASX: $BLG) has successfully closed its Share Purchase Plan (SPP), raising $5.87 million. The funds will be utilized to scale and expedite the delivery of BluGlass' visible lasers, additional fab equipment, and working capital.

Executive Commentary on Fundraising and Future Growth

This capital supports our continued growth, enabling us to step-up production and delivery of our visible GaN lasers in rapidly growing markets, driven by adoption across advanced manufacturing, quantum sensing and computing, defence, space and biotech applications. We're also investing in future capabilities, such as our Distributed Feedback (DFB) lasers, which have been key to winning revenue-generating projects and partnerships with the USCLAWS Hub and laser pioneer Applied Energetics. These projects provide substantial revenue growth while allowing us to bring to market higher-value products that further differentiate us from larger competitors. I'd also like to thank our loyal shareholders for their continued support and belief in our innovative solutions to solve complex customer challenges and vision of providing the world's easiest-to-use GaN laser light. We're executing against clear technical and commercial roadmaps to deliver higher-value products, and are focused on delivering business growth and maximizing shareholder value.

Summary of BluGlass SPP Closure and Future Outlook

BluGlass Limited (ASX: $BLG) has successfully completed its Share Purchase Plan (SPP), raising $5.87 million to accelerate the production and delivery of GaN lasers, fulfill new and existing contracts, and support additional fab capabilities and working capital. The allotment of new shares is expected to occur on 3 April 2024, with an additional 756,489 new shares proposed to be issued to Directors of the Company. The company's focus on future capabilities, such as Distributed Feedback (DFB) lasers, and revenue-generating projects and partnerships, demonstrates its commitment to delivering higher-value products and maximizing shareholder value. BluGlass remains dedicated to providing innovative solutions and aims to differentiate itself from larger competitors in the global photonics industry.