Centrus prices $500 million stock and warrants offering

Centrus Energy Corp. (NYSE: LEU) priced an underwritten offering of Class A common stock, Pre-Funded Warrants and accompanying Common Warrants with expected gross proceeds of approximately $500 million before underwriting discount and estimated offering expenses. That amount excludes any proceeds from future Common Warrant exercises.

The priced terms

The package represents a material capital raise for the U.S. nuclear fuel and enrichment supplier. For LEU shareholders, its structure matters alongside its size: the financing includes shares issued in the offering and warrants that give holders rights to acquire additional shares, with different exercise prices and timelines.

The combined public offering price is $199.64 for each Class A share and its accompanying Common Warrants. For each Pre-Funded Warrant and accompanying Common Warrants, the combined price is $199.54, reflecting the remaining $0.10 per-share exercise price on the Pre-Funded Warrant. Guggenheim Securities is the representative of the underwriters and lead book-running manager; Barclays Capital is a book-running manager.

How the offering is structured

The offering comprises 500,000 Class A shares, Pre-Funded Warrants to purchase up to 2,005,513 shares and Common Warrants to purchase up to 6,992,382 shares. Pre-funded warrants leave only a small exercise payment after the upfront purchase price. Centrus's Pre-Funded Warrants are exercisable immediately at $0.10 per share and remain exercisable through the 25-year anniversary of their initial issuance.

The Common Warrants require a separate, larger exercise payment. Their four series carry per-share exercise prices of $226.8625, $272.2350, $317.6075 and $362.9800. Each series has an aggregate exercise price of approximately $500 million, but that figure is potential exercise consideration, not proceeds from the priced offering or a commitment by holders to exercise.

Each Common Warrant series is divided into two equal tranches. The first tranches expire on the second, third, fourth and fifth anniversaries of September 10, 2026, respectively; the second tranche of each series expires nine weeks after its corresponding anniversary. The staggered dates create several future exercise windows rather than a single expiry for the whole package.

Where the proceeds may go

Centrus intends to use the proceeds for general working capital and corporate purposes. Those uses may include technology development and deployment, repayment or repurchase of outstanding debt, capital expenditures, potential acquisitions and other business opportunities. The company disclosed no allocation percentages, so the raise does not establish how much will go toward any individual purpose.

What remains contingent

Closing was expected on or about September 11, 2026, subject to customary closing conditions. The disclosed terms establish pricing and an expected closing date; they do not confirm that the transaction has settled. The approximately $500 million is a gross figure before underwriting discount and estimated expenses, not a disclosed net-proceeds amount.

Future Common Warrant exercises are also uncertain. Any cash raised through those exercises would be additional to the approximately $500 million expected from the offering and would depend on holders exercising their warrants.

The filing path

Centrus reported the transaction in a Form 8-K filed September 11, 2026, with September 9, 2026 as the earliest event date. The filing covers Items 1.01, 7.01, 8.01 and 9.01. Item 1.01 describes the agreement, Exhibit 99.2 contains the pricing release and Exhibit 99.1 contains the launch release. Exhibit 1.1 is the underwriting agreement, Exhibits 4.1 and 4.2 contain the warrant forms, and Exhibit 5.1 is the legal opinion.

Filing path

Centrus Energy Corp. reported the priced offering in Form 8-K AccNo 0001104659-26-107103 (Items 1.01, 7.01, 8.01, and 9.01) with Exhibit 99.2 pricing press release, covering an event dated September 9, 2026 and filed September 11, 2026.