PCT PureCycle Technologies, Inc.
Price Chart
Executive Summary
PureCycle Technologies is offering 17,570,200 shares of common stock at $8.21 per share, a 24% discount to the prior close of $10.80, raising approximately $136.4 million in net proceeds. Concurrently, the company is offering $250 million in convertible senior notes. Proceeds from both offerings will be used to repurchase approximately $216.0 million of existing 7.25% Green Convertible Notes (costing $246.3 million), with the remainder for working capital. The steep discount and substantial dilution are the dominant signals for equity holders, outweighing the debt reduction benefit.
Actionable Insight
The 24% discount to the prior close will likely pressure PCT stock toward the offering price in the near term. Monitor the convertible notes pricing — a low conversion premium would add further overhang. The debt reduction is credit-positive but secondary to the immediate dilutive impact for common shareholders.
Key Facts
- Offering 17,570,200 shares at $8.21/share (24% discount to $10.80 prior close).
- Underwriters have 30-day option to purchase up to an additional 2,283,800 shares.
- Concurrent $250M convertible senior notes offering (up to $287.5M with overallotment).
- Net proceeds from stock offering estimated at $136.4M (or $154.2M if overallotment exercised).
- Proceeds combined with notes offering to repurchase ~$216.0M aggregate principal of Green Convertible Notes at ~$246.3M cost.
- Post-offering shares outstanding: 198,411,399 shares (or 200,695,199 with overallotment), up from 180,841,199.
- Dilution of approximately 9.7% from stock offering alone, plus potential dilution from convertible notes.
Financial Impact
Stock offering raises ~$136.4M net; combined ~$386.4M from stock and notes before debt repurchase; $216M of debt repurchased at $246.3M cost.
Risk Factors
- Significant dilution from equity offering and potential future conversion of convertible notes.
- Ironton facility not yet at full capacity; ongoing operational risks.
- Lock-up expiration on March 17, 2026, may add selling pressure from legacy holders.
- Execution risk on refinancing and working capital management.
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-269521 |
| Document: d156526dexfilingfees.htm | 0001193125-26-269521 |
| Document: 0001193125-26-269521-index-headers.html | 0001193125-26-269521 |
| Document: 0001193125-26-269521-index.html | 0001193125-26-269521 |
| Document: 0001193125-26-269521.txt | 0001193125-26-269521 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 12, 2026
2d ago
|
424B5
| $8.87 awaiting T+5 | awaiting T+5 | — | $8.88 (−0.11%) |
|
Jun 11, 2026
4d ago
|
Press Release
| $8.45 awaiting T+5 | awaiting T+5 | — | $8.88 (+5.09%) |
|
Jun 11, 2026
4d ago
|
8-K
| $8.45 awaiting T+5 | awaiting T+5 | — | $8.88 (−5.09%) |
|
May 21, 2026
24d ago
|
Press Release
| $11.33 $12.87 | ▲ +13.59% | ▲ +11.99% | $8.88 (−21.62%) |
|
May 6, 2026
5w ago
|
Press Release
| $8.94 $10.20 | ▲ +14.09% | ▲ +12.59% | $8.88 (−0.67%) |
|
Apr 29, 2026
6w ago
|
Press Release
| $7.43 $7.65 | ▲ +2.96% | ▼ −0.15% | $8.88 (+19.52%) |
|
Apr 22, 2026
7w ago
|
Press Release
| $7.23 $7.43 | ▲ +2.77% | ▲ +1.29% | $8.88 (+22.82%) |
US Market Status
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