Uranium Energy (UEC) Raises $203.8M in Registered Offering

Uranium Energy Corp. completed a registered underwritten public offering of 15,500,000 common shares at $13.15 per share for gross proceeds of $203,825,000, closing on October 6, 2025.

Rhea-AI Filing Summary

Uranium Energy Corp. completed a registered underwritten public offering of 15,500,000 common shares at $13.15 per share for gross proceeds of $203,825,000, closing on October 6, 2025. The underwriter, Goldman Sachs & Co. LLC, holds a 30-day option to purchase up to an additional 2,325,000 shares, which would raise gross proceeds to $231,550,000 if exercised in full. Net proceeds are expected to be approximately $201,325,000 (or ~$231,550,000 with full exercise) after fees and expenses. The company intends to use proceeds to accelerate development of a new U.S. uranium refining and conversion facility through its wholly owned subsidiary and for general corporate and working capital purposes. The filing attaches the underwriting agreement, legal opinion, and a closing news release.

Positive

• $203.8M gross proceeds from the offering bolster corporate liquidity for project development
• Use of proceeds targets a U.S. refining and conversion facility, aligning capital to strategic domestic capacity
• Underwriter option provides optional incremental capital of up to $28.8M without immediate issuance

Negative

• Dilution to existing shareholders from the 15.5M-share issuance and potential additional 2.325M shares
• Proceeds allocation lacks detailed project milestones or timelines in the filing, leaving deployment risk
• No stated projected capital cost or schedule for the refining and conversion facility, limiting near-term visibility

Insights

Capital Markets Analyst

Equity raise strengthens liquidity to fund domestic refining project.

The offering of 15.5M shares at $13.15 yields sizable gross proceeds of $203.8M, materially increasing cash resources available for project development and near-term operations. The 30-day option for an additional 2.325M shares provides optional follow-on capital without an immediate dilutive issuance.

Execution risk centers on timely deployment into the planned U.S. refining and conversion facility and potential dilution if the option is exercised; monitor any material use-of-proceeds updates and capital deployment milestones over the next 12–24 months.

Corporate Finance Specialist

Proceeds earmarked for a strategic, capital-intensive upstream facility.

Net proceeds of roughly $201.3M (or $231.6M if the option is exercised) are designated to accelerate construction and development through the wholly owned subsidiary, which should reduce reliance on external project financing if spent as planned. This shifts balance-sheet funding from future debt or JV dilution toward internal capital.

Key near-term dependencies include project permitting, construction schedules, and estimated capital burn; watch for subsidiary-level spend disclosures and any follow-up financings or strategic partnerships announced in the next 6–18 months.

8-K Event Classification

2 items: 1.01, 7.01

2 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

FAQ

What did Uranium Energy Corp. (UEC) announce in the 8-K?

UEC announced an underwritten offering of 15,500,000 common shares at $13.15 per share, closing on October 6, 2025, for gross proceeds of $203,825,000.

How much net proceeds will UEC receive and what will the funds be used for?

Net proceeds are expected to be approximately $201,325,000 (or about $231,550,000 if the underwriter exercise is full). The company intends to use funds to develop a U.S. uranium refining and conversion facility and for general corporate and working capital purposes.

Who acted as underwriter and is there an over-allotment option?

The underwriter is Goldman Sachs & Co. LLC, which has a 30-day option to purchase up to 2,325,000 additional shares.

Was the offering registered and under which filing?

Yes, the shares were issued pursuant to a prospectus supplement dated October 3, 2025 as a takedown from a shelf registration statement on Form S-3 (File No. 333-268417) effective November 16, 2022.

Did the company file supporting documents with the 8-K?

Yes, the filing references the Underwriting Agreement (Exhibit 1.1), a legal opinion and consent from McMillan LLP (Exhibit 5.1), and a news release dated October 6, 2025 (Exhibit 99.1).

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 10/06/2025 - 05:10 PM Learn about SEC filing dates

false 0001334933 0001334933 2025-10-03 2025-10-03

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

October 3, 2025

Date of Report (Date of earliest event reported)

URANIUM ENERGY CORP.

(Exact name of registrant as specified in its charter)

Nevada	001-33706	98-0399476
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
500 North Shoreline, Ste. 800, Corpus Christi, Texas, U.S.A.		78401
(U.S. corporate headquarters)		(Zip Code)
1830 – 1188 West Georgia Street Vancouver, British Columbia, Canada		V6E 4A2
(Canadian corporate headquarters)		(Zip Code)

(Address of principal executive offices)

(361) 888-8235
(Registrant’s telephone number, including area code)

Not applicable.
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol (s)	Name of each exchange on which registered
Common Stock	UEC	NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (Section 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Section 240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Section 1 – Registrant’s Business and Operations

Item 1.01         Entry into a Material Definitive Agreement

On October 3, 2025, Uranium Energy Corp. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Goldman Sachs & Co. LLC (the “Underwriter”), pursuant to which the Company agreed to sell 15,500,000 shares of its common stock, $0.001 par value per share (each, a “Share”) at a price to the public of $13.15 per Share for gross proceeds of $203,825,000 (the “Offering”). The Offering closed on October 6, 2025.

Pursuant to the Underwriting Agreement, the Underwriter has an option (the “Option”) to purchase up to an additional 2,325,000 Shares, and the Underwriter has 30 days from October 3, 2025 to exercise its Option to purchase additional Shares.

The Underwriting Agreement contains customary representations, warrants and covenants by the Company, conditions to closing and indemnification provisions, as well as a form of lock-up agreement that has been signed by certain of the Company’s directors and officers, filed herewith as Exhibit 1.1 to this Current Report on Form 8-K.

The net proceeds to the Company from the underwritten public Offering, after deducting the underwriting discounts and the estimated Offering expenses, are expected to be approximately $201,325,000 (or approximately $231,550,000 if the Underwriter exercises in full its Option to purchase additional Shares). The Company intends to use the net proceeds from this offering to accelerate the development of a new, state-of-the-art American uranium refining and conversion facility through its wholly owned subsidiary, United States Uranium Refining & Conversion Corp., as well as for general corporate and working capital purposes,

The Shares were issued pursuant to a prospectus supplement dated as of October 3, 2025, which was filed with the Securities and Exchange Commission (the “SEC”) in connection with a takedown from the Company’s shelf registration statement on Form S-3 (File No. 333-268417), which became effective on filing on November 16, 2022, and the base prospectus dated as of November 16, 2022 contained in such registration statement.

The legal opinion of McMillan LLP relating to the legality of the issuance and sale of the Shares is attached as Exhibit 5.1 to this Current Report on Form 8-K.

The description of terms and conditions of the Underwriting Agreement set forth herein do not purport to be complete and are qualified in their entirety by the full text of the Underwriting Agreement which is attached hereto as Exhibit 1.1 and incorporated herein by reference.

Item 7.01         Regulation FD Disclosure

On October 6, 2025, the Company issued a news release to announce the closing of its recently announced public offering.

A copy of the news release is attached as Exhibit 99.1 hereto.

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Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit		Description
1.1		Underwriting Agreement, dated October 3, 2025, by and between Uranium Energy Corp. and Goldman Sachs & Co. LLC
5.1		Opinion of McMillan LLP
23.1		Consent of McMillan LLP (included in Exhibit 5.1)
99.1		News release dated October 6, 2025
104		Cover Pate Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	URANIUM ENERGY CORP.
DATE: October 6, 2025.	By:	/s/ Josephine Man
		Josephine Man Chief Financial Officer, Treasurer and Secretary

__________

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