DENVER, Colo. (247marketnews.com) -- Singularity Future Technology (NASDAQ:SGLY) is putting fresh capital behind its increasingly ambitious data-center strategy, announcing a $5.0 million registered direct offering priced at $3.20 per share just before today’s market open. The transaction is being conducted at-the-market under Nasdaq rules and is expected to close tomorrow, subject to customary conditions. SGLY says the proceeds are earmarked for its planned data-center business.
That makes the financing more than a routine capital raise. It follows SGLY’s recently announced plan to evaluate a roughly 900-acre industrial site in Florence, South Carolina, where the company says approximately 25 MW of existing or near-term grid capacity has been identified, with a potential pathway toward approximately 99 MW. The framework agreement is non-binding, however, and power expansion, permitting, financing and definitive agreements remain major hurdles. The company's strategy is therefore moving from concept toward capitalization, but it is not yet an operating AI campus.
The timing is significant because the AI infrastructure market is increasingly being defined by one scarce commodity: power. Established data-center operators are aggressively securing megawatts to serve AI and high-performance computing demand. For perspective, Core Scientific (NASDAQ:CORZ) reported control of approximately 2.1 GW of gross utility power capacity as of June 30 and announced a commercial relationship with Advanced Micro Devices (NASDAQ:AMD) with potential to support up to 2.5 GW of leasable capacity. SGLY is obviously operating on a vastly smaller scale, but its South Carolina proposal puts it squarely into the same broader infrastructure narrative.
There is also an important balance-sheet reality. This latest offering would add 1,562,500 shares, or pre-funded warrants in lieu of shares, at $3.20 each, generating approximately $5 million before fees and expenses.
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