News: Optoelectronics
1 June 2026
BluGlass executes $1m option shortfall agreement, plus potential extra $500,000
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 secured a firm commitment of $1m, with the potential to be raised to $1.5m in total, following the execution of a shortall agreement in relation to options with an exercise price of $0.26 which expired on 31 May.
On 30 May, BluGlass executed an agreement with Amery Partners Pty Ltd to subscribe for up to a maximum of 5,769,230 fully paid ordinary shares in the company at $0.26, equal to the exercise price of the options, to raise a maximum of $1.5m. BluGlass will raise a minimum of $1m via firm commitments for 3,846,153 shortfall shares. Consistent with the terms of the options, each shortfall share will include one unquoted free-attaching option exercisable at $0.38 and expiring on 31 May 2028 (piggyback option), subject to shareholder approval.
Proceeds from the issue of shortfall shares will be used to support the delivery of new and existing GaN laser contracts and working capital. The shortfall shares will be issued in reliance on the company’s existing capacity under Listing Rule 7.1. BluGlass will seek shareholder approval for the issue of the piggyback options at its Annual General Meeting. The firm anticipates issuing the shortfall shares on 5 June. The procurement of funds over and above $1m will be on a best endeavours basis by Amery Partners.
Under the shortfall agreement, Amery Partners will receive a fee of 6% for funds raised in respect of the issue of shortfall shares in its capacity as corporate adviser to the firm.
“The strong level of options exercised and additional shortfall commitment represents a significant vote of confidence in BluGlass from our existing shareholders,” says BluGlass’ executive chair Omer Granit. “Institutional investors choosing to commit additional capital reflects growing market confidence in our technology, commercial momentum, and long-term opportunity,” he adds.
“These funds further strengthen our balance sheet and position BluGlass to accelerate customer programs and pursue new opportunities across our pipeline,” continues Granit. “With growing contract momentum, strong macro tailwinds and increasing demand for visible GaN lasers in defence, aviation and quantum applications, we believe BluGlass is at a critical inflection point. Our ability to capitalize on these opportunities will support BluGlass’ lasers being designed into next-generation platforms, driving long-term recurring revenue growth.”
