Lightwave Logic Inc. priced an underwritten public offering of 11,666,667 shares of common stock on December 15, 2025, raising $35 million in gross proceeds. The offering includes a 30‑day over‑allotment option for an additional 1,750,000 shares, giving the company flexibility to meet demand and further strengthen its balance sheet.
The company will deploy the net proceeds to accelerate the commercialization of its proprietary electro‑optic polymer technology, expand U.S. production capacity, support customer design‑ins, and pursue strategic mergers and acquisitions that complement its AI‑data‑center focus. Lightwave Logic’s technology is positioned to meet the bandwidth and power‑efficiency demands of next‑generation AI workloads, and the capital infusion is intended to bring the company closer to scalable, revenue‑generating deployments.
Lightwave Logic’s cash balance is projected to reach roughly $70 million after the offering, a significant increase from its prior $35 million. The company’s revenue remains modest at $0.1 million, and it reported a negative earnings per share of $0.18, reflecting its early‑stage, high‑investment profile. Despite the low revenue, Lightwave Logic enjoys a very high gross margin of about 93 %, and its current ratio of 31.06 indicates strong liquidity. The dilution from the new shares is a key concern for investors because the company’s earnings are still negative and its revenue base is small; additional shares reduce earnings per share and can dilute shareholder value.
CEO Yves LeMaitre said, “This offering underscores our recent commercial momentum and reflects the growing recognition of the role that electro‑optic polymers will play in the scale‑up and scale‑out of AI data centers. The additional capital will strengthen our balance sheet, allow us to accelerate commercialization timelines, and expand manufacturing capacity to drive long‑term value for our customers and shareholders.”
In addition to the equity raise, Lightwave Logic terminated its existing equity line of credit and a purchase agreement with Lincoln Park Capital Fund, signaling a shift toward a more self‑sufficient financing strategy. The company’s first commercial material supply license agreement, announced in May 2023, demonstrates early traction in the AI data‑center market and provides a foundation for the upcoming commercialization push.
Investors reacted negatively to the dilution implied by the offering, reflecting concerns about the impact on earnings per share and the company’s current lack of profitability. The market’s response underscores the sensitivity of investors to equity issuances when a company’s revenue base is limited and earnings are still negative.
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