Nano Nuclear Energy (NNE) said Tuesday that it has agreed with institutional investors to raise $105 million through a private placement of 3.9 million shares at $27 per share. The company's stock closed at $35.86 on Friday.

The company said the offering, which is expected to close Wednesday, will include participation from a top long-only mutual fund and a major global investment manager.

Nano said it will use the offering and cash on hand to accelerate the development of its micro nuclear reactors, support related nuclear ventures, pursue strategic acquisitions, and advance toward initial revenue generation.

Shares of the company were down 7.6% in recent Tuesday premarket activity.

US stock markets were closed on Monday in observance of Memorial Day.