LIS Technologies Files for IPO to Fund Laser Uranium Enrichment Work

LIS Technologies Inc. filed a preliminary registration statement with the SEC on Oct. 26 for a proposed Nasdaq IPO that could raise about $17 million gross as the company advances a commercial uranium-enrichment project it estimates will cost $1.38 billion.

The company proposed offering 2,833,334 shares at $5 to $7 each, with LIS as its proposed Nasdaq ticker. At the assumed $6 midpoint, the sale would generate about $17 million before costs. LIS estimates net proceeds of about $15.1 million after discounts and expenses, excluding any over-allotment. The offering will not proceed if Nasdaq does not approve the listing application.

LIS plans to direct about 67.5% of net proceeds to research and development, site work and testing. It has allocated 12.5% for marketing and business development, with the remaining 20% for working capital and general corporate purposes.

The planned LEU-3 facility is a much larger undertaking than the proposed raise. LIS estimates its capital cost at about $1.38 billion and targets operations around 2033, subject to financing and regulatory approvals. The company’s development plan calls for a pilot plant around 2030, with capacity of about 500,000 separative work units (SWU) per year. LEU-3’s planned initial capacity is about 3 million SWU annually, with a possible later expansion to 5 million.

LIS had $18.8 million in cash as of July 31, 2026, and estimated cash needs of about $74 million for the 12 months ending July 31, 2027. Under its current plan, assuming certain capital spending, the cash balance was expected to fund operations only into the first quarter of fiscal 2027. LIS says deferring some spending could extend that period. The company has not generated revenue or begun commercial production or sales of enriched uranium.

NANO Nuclear bought 2,666,667 LIS shares for $2 million on Aug. 8, 2024. The companies amended and restated their collaboration agreement on Sept. 8, 2026, but have not reached a definitive agreement on commercial terms for their proposed fuel-supply arrangement.

LIS expects to begin experiments at its Oak Ridge demonstration facility before the end of 2026. The facility previously received NRC approval of its security plan.