Deal sells common shares at $15.25 apiece with $4.58 million greenshoe
By Devika Patel
Knoxville, Tenn., Oct. 25 - ADA-ES, Inc. said it priced a $30.5 million public offering of stock with a $4.58 million greenshoe. The offering was announced Monday.
The company will sell 2 million common shares at $15.25 per share. The price per share reflects a 12.36% discount to the Oct. 24 closing share price of $17.40.
Lazard Capital Markets LLC is the bookrunning manager; Robert W. Baird & Co. Inc. is the co-lead manager and JMP Securities LLC is the co-manager.
Settlement is expected Oct. 28.
Proceeds will be used for designing, constructing and placing refined coal facilities into service, expanding to meet the demands resulting from the expected Maximum Achievable Control Technology regulations, working capital, including for satisfying indemnity obligations, and general corporate purposes.
Based in Littleton, Colo., ADA-ES develops and implements environmental technology and specialty chemicals used to mitigate the environmental impact of electric power and industrial companies.
| Issuer: | ADA-ES, Inc.
|
| Issue: | Common stock
|
| Amount: | $30.5 million
|
| Greenshoe: | $4,575,000
|
| Shares: | 2 million
|
| Price: | $15.25
|
| Warrants: | No
|
| Bookrunner: | Lazard Capital Markets LLC
|
| Managers: | Robert W. Baird & Co. Inc. (co-lead manager) and JMP Securities LLC (co-manager)
|
| Announcement date: | Oct. 24
|
| Pricing date: | Oct. 25
|
| Settlement date: | Oct. 28
|
| Stock symbol: | Nasdaq: ADES
|
| Stock price: | $17.40 at close Oct. 24
|
| Market capitalization: | $119.1 million
|
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