Braidy Industries extends the deadline for its US$500 million stock sale to June 15

Braidy Industries has extended its deadline for its stock sale.  The company launched a roughly US$500 million worth of stock offerings in September 2018 in order to raise money to build a $1.7 billion aluminium rolling mill in Eastern Kentucky. The sale which was supposed to end in November has been extended twice to Dec. 31 and then to March 31. According to a company update Braidy has extended it further to June 15.

The announcement also mentioned about an anticipated investment by a potential strategic investor though the company has not divulged any detail about it. The community of Ashland, Kentucky has been looking forward to Braidy Industries building an aluminium plant in the area which is expected to create employment and boost the economy.

After Braidy’s announcement to build an aluminium rolling mill in Kentucky in 2017, it has received a few government grants to support the decision. The company received an unusual direct investment of $15 million from the state in return for an ownership stake. Braidy promised to create more than 500 high-paying jobs in an area which is economically lagging behind.

Braidy broke ground on the rolling mill in June 2018. Though initially production was expected to begin in 2020, recent updates from the company said it's on track to bring the mill to "full commercial operation" in 2021.

Braidy announced its plan to raiseUS$500 million in fresh equity capital in addition to pursuing a number of loans.  The company also said it can't disclose details the current stock sale because of confidentiality and nondisclosure clauses. A prior business update said Braidy had received more than $1 billion in investments from institutional investors and individuals.