D . Eva s’s pa ticipatio i the fi a ci g is bei g made i his pe so al capacity a d is ot a co po ate t a sactio betwee B ightli e a d U usual Machi es. P oceeds f om the fi a ci g a e i te ded to suppo t co ti ued developme t of SpatialCo e a d to help B ightli e pu sue ew ma kets a d use cases ac oss the Physical AI ecosystem.
D . Eva s is a ecog ized leade i the d o e i dust y. He has se ved as CEO of U usual Machi es si ce Decembe 2023, p eviously se ved as Chief Ope ati g Office of Red Cat Holdi gs, a d holds g aduate deg ees f om the U ive sity of Michiga .
“SpatialCo e takes the ight app oach to a p oblem this i dust y has ot solved: givi g auto omous systems, se so s, a d platfo ms a sha ed way to u de sta d the physical wo ld,” said D . Eva s. “That ki d of i te ope ability is becomi g c itical as auto omy scales, a d I believe the compa y that builds it well sta ds to captu e sig ifica t value i a ma ket that is still ea ly. That is why I am pe so ally leadi g this i vestme t i B ightli e.”
“Alla has spe t his ca ee buildi g a d ope ati g i side the d o e i dust y, a d his decisio to lead this i vestme t eflects eal co victio i the SpatialCo e app oach a d whe e this ma ket is headed,” said Tyle H. Gates, P eside t a d Chief Executive Office of B ightli e I te active. “This capital lets us keep buildi g the i te ope ability laye the i dust y eeds a d move faste i to ew ma kets a d use cases as dema d g ows.”
The fi a ci g co sists of a p ivate i vestme t i public equity (PIPE) of u its of commo stock a d wa a ts to pu chase commo stock, fo agg egate g oss p oceeds of $1.25 millio . The wa a ts ca y 100% cove age at a exe cise p ice of $2.00 pe sha e. P ici g fo the u its is $0.70 pe u it. The t a sactio is a ticipated to close o Septembe 25, 2026, subject to customa y closi g co ditio s. Net p oceeds a e i te ded to suppo t co ti ued developme t of SpatialCo e a d B ightli e’s expa sio i to ew ma kets a d use cases.
The exe cise p ice of the wa a ts will be subject to adjustme t fo stock divide ds, stock splits, eve se splits a d simila capital t a sactio s, i cludi g the p eviously a ou ced 8-fo -1 stock split that will be effective o Septembe 28, 2026. Followi g that split, the exe cise p ice of the wa a ts will be $16.00 fo each post-split sha e.
Additio ally, if, at a y time the wa a ts a e exe cisable, the volume-weighted ave age p ice of the Compa y’s commo stock o the Nasdaq Capital Ma ket exceeds $3.00 (the “Call P ice”) fo five (5) co secutive t adi g days, the Compa y has the optio to edeem the outsta di g wa a ts, subject to fu the co ditio s as desc ibed i the wa a ts. The Call P ice is subject to adjustme t fo stock divide ds, stock splits, eve se splits a d simila capital t a sactio s, i cludi g the p eviously a ou ced 8-fo -1 stock split that will be effective o Septembe 28, 2026. Followi g the split, the Call P ice of the wa a ts will be $24.00.
B ightli e I te active, I c. (Nasdaq:BTLN) is buildi g SpatialCo e, a i te ope ability a d ope atio al co text platfo m fo Physical AI. SpatialCo e is desig ed to co ect eal-wo ld data f om se so s, auto omous systems, digital twi s, geospatial e vi o me ts a d othe sou ces i to a sha ed, AI- eady u de sta di g of the physical wo ld. B ightli e wo ks ac oss defe se, gove me t, a d comme cial ma kets to e able people, AI a d auto omous systems to ope ate mo e effectively togethe . Fo mo e i fo matio , visit www.b ightli ei te active.com.
This p ess elease co tai s “fo wa d-looki g stateme ts” as that te m is defi ed i the P ivate Secu ities Litigatio Refo m Act of 1995, i cludi g stateme ts elated to B ightli e I te active’s st ategy, ma ket positio , p oduct developme t, pa t e ship activities, a d busi ess expa sio pla s. The wo ds “believe,” “i te d,” “st ategy,” “co ti ue,” “desig ,” o the egative of these wo ds o othe simila te ms a e i te ded to ide tify fo wa d-looki g stateme ts, although ot all fo wa d-looki g stateme ts co tai these ide tifyi g wo ds. A y fo wa d-looki g stateme ts i this p ess elease a e based upo cu e t pla s a d st ategies of B ightli e I te active a d eflect thei cu e t assessme t of the isks a d u ce tai ties elated to thei busi ess as of the date of this p ess elease. B ightli e I te active assumes o obligatio to update a y fo wa d-looki g stateme ts co tai ed i this p ess elease except as may be equi ed by law. Such stateme ts a e subject to k ow a d u k ow isks, u ce tai ties, a d assumptio s, a d actual esults could diffe mate ially f om those exp essed o implied. Facto s that may cause actual esults to diffe mate ially i clude, without limitatio , ma ket co ditio s, competitive developme ts, a d the othe isks detailed i B ightli e I te active’s pe iodic epo ts filed with the SEC, i cludi g its most ece t A ual Repo t o Fo m 10-K a d subseque t Qua te ly Repo ts o Fo m 10-Q.
