Proceeds intended to support the proposed acquisition and planned conversion of a computing center in Youngstown, Ohio
NEW YORK, Oct. 26, 2026 (GLOBE NEWSWIRE) -- Valor Energy Inc. (NASDAQ:VAI) ("Valor Energy" or the "Company") today announced that on October 19, 2026, it entered into a securities purchase agreement with certain investors for a private placement of 2,145,923 shares of the Company's common stock at a purchase price of US$2.33 per share, for aggregate gross proceeds of approximately US$5.0 million, before deducting offering expenses.
The financing follows the Company's recent announcement that it has entered into an agreement to acquire all of the outstanding equity interests of the company that holds a computing center in Youngstown, Ohio. The Company intends to use the proceeds to support its proposed acquisition and planned conversion of the Youngstown facility as part of its AI data center development plans.
Use of Proceeds
The Company intends to use the net proceeds primarily for the development of its AI data center business, including:
- Youngstown acquisition: funding the US$3.6 million consideration, subject to adjustment under the acquisition agreement, for the proposed acquisition of all outstanding equity interests of the entity holding the computing center located at 1911 Logan Avenue, Youngstown, Ohio, which holds 18MVA of power capacity under an existing 23kV utility interconnection with Ohio Edison. Completion of the acquisition remains subject to due diligence and other closing conditions, and there can be no assurance that it will be completed on the terms described or at all.
- AI data center conversion: following completion of the acquisition, funding design, construction, equipment procurement and permitting work for the planned conversion of the existing approximately 30,890-square-foot facility into an AI data center intended to support AI and high-performance computing (HPC) workloads.
- Business development: building the operational capabilities and customer relationships needed to bring AI computing capacity to market, and evaluating additional sites with existing power infrastructure in the United States.
- Working capital and general corporate purposes.
Valor Energy's strategy is to pursue acquisitions of sites with existing power infrastructure for potential AI data center development in the United States. The Company intends to use the net proceeds primarily to support the proposed Youngstown acquisition and planned conversion. The timing and scope of development remain subject to completion of the acquisition, further design, construction, equipment and permitting work, and the availability of sufficient funding.