AI infra co New Era Energy tumbles on $64 mln PIPE financing

** Shares of AI infrastructure developer New Era Energy & Digital NUAI.O down 16.8% at $2.77 before the bell on Thurs after co announces $64 mln equity raise via private placement

** Midland, Texas-based NUAI says it will sell ~23.3 mln shares at $2.75 in a PIPE (private investment in public equity)

** Sale price represents 17.4% discount to stock's last close

** Co intends to use net PIPE proceeds for repayment of recent borrowings under Macquarie facility, working capital and general purposes

** Northland Capital Markets sole placement agent

** NUAI has ~106.56 mln shares outstanding

** On Sept 21, NUAI stock surged ~31% to close at $7.65 after co inked power purchase deal with Luminant, an affiliate of Vistra VST.N

** Through Weds, NUAI stock shed 50% in Oct, leaving it up ~14% YTD

** All 4 analysts covering the stock rate it "buy"; median PT $11, per LSEG data