News: Optoelectronics
13 April 2026
BluGlass completes upsized AUS$8m two-tranche placement
BluGlass Ltd of Silverwater, Australia — which develops and manufactures gallium nitride (GaN) visible laser diodes based on its proprietary low-temperature, low-hydrogen remote-plasma chemical vapor deposition (RPCVD) technology — has received commitments from investors to raise about AUS$8m (before costs) at an issue price of AUS$0.24 per share. The upsized placement includes one free attaching option for every share subscribed for under the placement, exercisable at AUS$0.38 and expiring on 31 May 2028.
The placement comprises a AUS$2.3m cornerstone investment from the board and management, inclusive of a AUS$2m commitment from executive chair Omer Granit. Board participation and the issue of attaching options is subject to shareholder approval.
Funds will be used to scale BluGlass’ GaN laser operations, additional fab equipment, and support new and existing contracts.
“Strong demand from new and existing institutional and sophisticated investors reflects BluGlass’ operational momentum, delivering almost US$3m in development contracts and orders in recent months,” says Granit. “This capital enhances BluGlass’ ability to develop and supply high-fidelity GaN lasers for emerging strategic technologies, capitalizing on global investment in critical manufacturing technologies and supporting the continued conversion of our more than US$100m project pipeline,” he adds.
“Board and management’s participation in the raise reinforces our confidence in BluGlass’ GaN laser technology, growing addressable market, and long-term growth runway. Lasers are a critical component for all next-generation technologies, and we are well positioned to take share as adoption of GaN lasers increase exponentially,” Granit continues.
“Our growing customer base includes the US Department of War, the Indian Ministry of Defence, tier-1 defence primes, and Fortune 500 technology companies, reflecting our unique position as one of just two GaN laser suppliers with US manufacturing facilities at a time when the Government is increasingly onshoring critical capabilities,” notes CEO & executive director Jim Haden. “We’ve had a strong start to the calendar year with momentum continuing to build across multiple target verticals, including defence & aerospace, quantum and biotech.”
Placement details
BluGlass has secured firm commitments of AUS$8m and proposes the issuance of 33.5 million new shares to institutional and sophisticated investors at an issue price of AUS$0.24 per share.
Participants in the placement will receive one unquoted free-attaching option for each placement share with an exercise price of AUS$0.38 and expiry date of 31 May 2028. The attaching options shall not be listed. Director participation in the placement and issue of attaching options are subject to shareholder approval at an extraordinary general meeting (EGM) on or around 25 May.
Shares under the placement will be issued as follows:
- Tranche 1 placement to raise AUS$5.6m (before costs) through the issuance of about 23.5 million new shares (to be allotted on 17 April) pursuant to the company’s placement capacity under Listing Rules 7.1 and 7.1A; and
- Tranche 2 placement to certain investors, including board and management to raise AUS$2.4m (before costs) through the issuance of 10.1 million new shares (to be allotted on or around 28 May).
The issue price of $0.24 represents a:
- 7% discount to the 15-day volume-weighted average price;
- 9% discount to the 5-day volume-weighted average price; and
- 2% discount to the last traded price.
Executive chair services agreement
While the board considers independent specialist remuneration advice, Granit has entered into an interim executive services agreement with BluGlass for an initial term ending on 30 April. Granit is entitled to total remuneration of US$25,000 per month as executive chair. Consistent with this agreement, the firm has paid Granit US$75,000 remuneration as executive chair for the period 1 January–31 March. The board expects to finalze Granit’s ongoing remuneration structure in the coming weeks.
BluGlass signs AUS$1.3m agreement with global Fortune 500 data storage leader
BluGlass secures A$190,000 order from TOPTICA for custom GaN visible lasers
BluGlass closes share purchase plan, raising a further $5.3m
