Bridger Aerospace raises $9.8 million through RDO
Aerial firefighting firm Bridger Aerospace has announced the closing of a registered direct offering (RDO) worth approximately US$9.8 million
Of the 2,183,336 shares sold as part of the offering, 808,080 were acquired by Bridger directors and executive officers.
The net proceeds from the offering will be used by Bridger to generate working capital, and for other “general corporate purposes”.
“We are pleased to announce the closing of this equity financing, with participation and support from existing investors as well as members of the management team and board of directors,” said Tim Sheehy, CEO of Bridger Aerospace. “This injection of capital, as well as the earliest fleet deployment in company history, is helping to position us for record growth in 2024.”
The RDO follows the cancellation of Bridger’s previously planned $70 million public offering in October of last year, due to poor market conditions and shareholder opposition.