Greetings from Rod Turner, General Partner of the Manhattan Street Fund, LP.
Manhattan Street Fund invested into Avadain in 2021. Avadain is an exciting Graphene technology company. Please see the update below from the Avadain CEO on the progress that Avadain has made since we invested. I am pleased with both the step up in valuation since we invested and with the great progress they are making.
Thank you for your interest and commitment to the Manhattan Street Fund!
Best regards,
Rod Turner
Letter from;
Brad Larschan, CEO of Avadain Inc.
We wanted to take this opportunity to update you on our progress and increasing momentum.
Financial Position
Avadain is in a strong financial position. At the current burn rate, we have approximately 24 months runway.
As previously reported, we raised $600,000 in January 2023 from two angel groups – the Keiretsu Forum and Harvard Business School Alumni Angels (HBSAA) (1/3-2/3, respectively).
In February, we launched a second crowdfunding round at $5 per share with a $31 million pre-money valuation. Our original max raise was $3.6 million. As we neared that amount, we raised the cap to $4.2 million and then to $4,495,000. During the course of our raise, we were hosted to various receptions by existing investors. One particularly noteworthy event was the Boston reception hosted by HBSAA for Avadain on October 5th. https://avadaingraphene.com/harvard-business-school-alumni-angels-and-ne... We hit the max on October 19th and had a whopping 277 would-be investors join our Wait List after we hit the max. Unfortunately, these individuals could not be accommodated.
Because of the demand from angel investors and a couple of companies to invest in Avadain, we have opened a $1.5 million private placement with a $100,000 minimum investment. This private placement is on the same terms as the just-concluded crowdfunding round.
George Gilder, the Graphene Revolution and Avadain
Famed stock picker, investor and tech futurist George Gilder predicts graphene may be the biggest investment opportunity…ever. This past summer, Gilder predicted that graphene may have an $11.5 trillion economic impact.
Avadain was flattered to have received Gilder’s “buy” recommendation in September in his subscription newsletter, Private Reserve. A copy is attached for your information.
First Manufacturing Partner
We are pleased to announce that Avadain entered into a letter of intent with Harcros Chemicals, Inc. to become the first licensee to manufacture LTDF graphene. Please see the attached news release from Harcros. We are now negotiating the definitive agreement and hope to sign the license agreement in December, although this may slip because of the Thanksgiving and Christmas holidays.
Continuous Production
Avadain’s technology development partner, Southwest Research Institute (SwRI), will demonstrate our new, larger third generation reactor for continuous flow production of graphene on its campus in San Antonio, Texas on December 11th.
Sincerely,
Rod turner
General Partner of Manhattan Street Fund LP.
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