Centrus Energy Seeks Working Capital Through Stock and Warrant Sale

Centrus Energy Corp. (LEU ) on September 9, 2026, announced the launch of an underwritten public offering of shares of its Class A common stock, pre-funded warrants to purchase shares of Class A common stock and common warrants to purchase shares of Class A common stock. The Bethesda, Maryland-based nuclear fuel supplier said it intends to use net proceeds from the proposed offering for general working capital and corporate purposes.

The proposed offering is subject to market and other conditions, and the company cautioned that “there can be no assurance as to whether or when the proposed offering may be completed or as to its actual size or terms.” Guggenheim Securities is acting as lead book-running manager for the proposed offering and Barclays is acting as a book-running manager.

Centrus said the intended uses of net proceeds may include investment in technology development and deployment, repayment or repurchase of outstanding debt, capital expenditures, potential acquisitions and other business opportunities and purposes.

Shelf Registration Behind the Offering

A registration statement relating to the securities was filed with the Securities and Exchange Commission on November 6, 2025, and became automatically effective upon filing, the company said. SEC EDGAR records identify the filing as an automatic shelf registration statement of a well-known seasoned issuer, assigned file number 333-291305. Under the shelf registration process described in the filed prospectus, Centrus may offer and sell the covered securities from time to time in one or more offerings, in amounts, at prices and on terms to be determined at the time of each offering and set out in prospectus supplements.

The prospectus, dated November 6, 2025, covers common stock, preferred stock, debt securities, warrants, rights and units, offered separately or together in any combination. It states that Centrus would retain broad discretion over the use of net proceeds from sales under the shelf, intended for working capital and general corporate purposes including capital expenditures, repayment of indebtedness, potential acquisitions and other business opportunities, and that pending any specific application the company may initially invest funds in short-term marketable securities or apply them to the reduction of indebtedness. The prospectus stated that the company’s common stock was listed on the NYSE American under the symbol LEU, and that the last reported sale price on November 5, 2025, was $325.73 per share.

Any offer, solicitation or sale in the proposed offering will be made only by means of a preliminary prospectus supplement and the accompanying prospectus, the company said, with copies obtainable from Guggenheim Securities and Barclays when available. The announcement states that it does not constitute an offer to sell or a solicitation of an offer to buy any securities.

Business and Market Context in the Prospectus

The filed prospectus describes Centrus as operating two business segments: LEU, which supplies components of nuclear fuel to commercial customers from a global network of suppliers and provides most of the company’s revenue, and Technical Solutions, which provides advanced uranium enrichment for the nuclear industry and the U.S. government as well as advanced manufacturing and other technical services to government and private sector customers. The majority of LEU segment sales are for the enrichment component of low-enriched uranium, which is measured in SWU, according to the filing.

The prospectus states that published spot price indicators for SWU reached a previous historic high of $163 per SWU in April 2009, declined more than 75% in the years following the 2011 Fukushima accident in Japan, and bottomed at $34 per SWU in August 2018 before rising to $195 per SWU by December 31, 2024. As of September 30, 2025, spot prices were $220 per SWU, an increase the filing describes as 13% since the beginning of that year and 547% over the 2018 historic low.

Its risk factors reference the company’s 0% and 2.25% convertible notes maturing in 2032 and 2030, respectively; the U.S. Department of Energy contract framework under which Centrus operates, including the HALEU Operation Contract, HALEU Production Contract, LEU Production Contract and HALEU Deconversion Contract; and the company’s planned expansion of its operations in Oak Ridge, Tennessee, and Piketon, Ohio.

In a separate Form 8-K dated September 9, 2026, Centrus reported that it had signed a contract with Radiant Industries, Inc. to supply high-assay low-enriched uranium, or HALEU, with deliveries scheduled to begin prior to the end of the current decade. That report was signed by Todd M. Tinelli, the company’s senior vice president, chief financial officer and treasurer, and its cover page lists the Class A common stock, par value $0.10 per share, on the NYSE under LEU; the November 2025 prospectus had described the listing venue as NYSE American.