Bookrunner Craig-Hallum Capital helps fund general corporate purposes
By Devika Patel
Knoxville, Tenn., Nov. 26 - Vertex Energy Inc. said the underwriters for its public sale of stock opted to exercise the deal's $1.24 million greenshoe in full for total proceeds of $9.5 million. The deal was announced on Nov. 13 and priced for $8.26 million with the greenshoe on Nov. 14.
The company sold 3,392,800 common shares at $2.80 per share. The price per share is a 6.35% discount to the Nov. 20 closing share price of $2.99. Of the shares, 442,539 were part of the fully exercised greenshoe.
Craig-Hallum Capital Group LLC was the bookrunning manager.
Proceeds will be used for general corporate purposes, including acquisitions.
Based in Cupertino, Calif., Vertex provides services designed to aggregate, process and recycle industrial and commercial waste streams.
| Issuer: | Vertex Energy Inc.
|
| Issue: | Common stock
|
| Amount: | $9,499,840 (including $1,239,109 greenshoe)
|
| Shares: | 3,392,800
|
| Price: | $2.80
|
| Warrants: | No
|
| Bookrunner: | Craig-Hallum Capital Group LLC
|
| Announcement date: | Nov. 13
|
| Pricing date: | Nov. 21
|
| Settlement date: | Nov. 26
|
| Stock symbol: | Nasdaq: VTNR
|
| Stock price: | $2.99 at close Nov. 20
|
| Market capitalization: | $54.13 million
|
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