Valor Energy Inc. (Nasdaq: VAI) announced on October 26, 2026 that it entered into a securities purchase agreement on October 19, 2026 with certain investors for a private placement of 2,145,923 shares of common stock at USD 2.33 per share, generating aggregate gross proceeds of approximately USD 5 million before deducting offering expenses.

The financing comes on the heels of the company's October 19 announcement that it agreed to acquire the entity holding a computing center in Youngstown, Ohio, which Valor intends to convert into an AI data center.

Acquisition Details

The proposed acquisition targets the computing center located at 1911 Logan Avenue, Youngstown, Ohio. The facility holds 18 MVA of power capacity under an existing 23 kV utility interconnection with Ohio Edison.

The purchase consideration is USD 3.6 million, subject to adjustment under the acquisition agreement, for all outstanding equity interests of the entity holding the site.

Completion of the acquisition remains subject to due diligence and other closing conditions, and the company cautioned there can be no assurance it will be completed on the terms described or at all.

Use of Proceeds

Valor Energy intends to use the net proceeds primarily for the development of its AI data center business.

Beyond funding the USD 3.6 million Youngstown acquisition consideration, the proceeds are earmarked for the planned conversion of the existing approximately 30,890-square-foot facility into an AI data center designed to support AI and high-performance computing (HPC) workloads.

Conversion work would include design, construction, equipment procurement, and permitting and would follow completion of the acquisition.

The company also plans to allocate funds toward building the operational capabilities and customer relationships needed to bring AI computing capacity to market, as well as evaluating additional sites with existing power infrastructure in the United States. Remaining proceeds will go toward working capital and general corporate purposes.

"We intend to use the proceeds from this financing primarily toward the proposed Youngstown acquisition and the initial stages of its planned conversion into an AI data center," said Dave Nichols, strategic advisor to Valor Energy Inc. "Completion of the acquisition and development site remains subject to closing conditions and further development work such as the availability of sufficient funding. We appreciate our investors' support as we pursue these plans."

Strategic Direction

Valor Energy's strategy centers on pursuing acquisitions of sites with existing power infrastructure for potential AI data center development in the United States.

The company stated that the timing and scope of development remain subject to the completion of the acquisition, further design, construction, equipment, and permitting work, and the availability of sufficient funding.

The company is a Nasdaq-listed firm that historically operated automobile transaction and related services businesses and is now pursuing opportunities in digital infrastructure and energy, including U.S. AI and data center infrastructure.

It was formerly known as Senmiao Technology Limited, having announced its name change to Valor Energy Inc. on August 26, 2026, when it traded under the ticker AIHS.

Securities and Regulatory Matters

The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

The company noted that the press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in any state or jurisdiction where such offer, solicitation, or sale would be unlawful.

Further details of the transaction are available in a Form 8-K filed with the Securities and Exchange Commission on October 23, 2026.

Risk Factors

In its announcement, Valor Energy identified several risks and uncertainties that could affect its plans, including market conditions, satisfaction of closing conditions, the results of due diligence, the availability of power, equipment and permits, construction costs and timelines, uncertainty regarding the usable IT load supported by the site's power infrastructure, the continuation of existing power arrangements following closing, and the availability and cost of additional financing for development.

The company stated it undertakes no obligation to update forward-looking statements except as required by law. Investor relations inquiries may be directed to Valor Energy Inc. via email.

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