Craig-Hallum sells 2.2 million shares at $7.75 each, a 27.71% discount
By Devika Patel
Knoxville, Tenn., June 6 – Vertex Energy Inc. arranged a $17.05 million private placement of stock on June 5, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company will sell 2.2 million common shares at $7.75 per share, which is a 27.71% discount to the June 4 closing share price of $10.72 and is also a 12.3% discount to the 30-day volume-weighted average price of the stock on the pricing date, the company said in the filing.
Craig-Hallum Capital Group LLC is the agent.
Settlement is expected June 11.
Proceeds will be used for general corporate and working capital purposes, a majority of which is expected to be used for the company’s West Coast expansion.
Based in Cupertino, Calif., Vertex provides services designed to aggregate, process and recycle industrial and commercial waste streams.
| Issuer: | Vertex Energy Inc.
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| Issue: | Common stock
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| Amount: | $17.05 million
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| Shares: | 2.2 million
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| Price: | $7.75
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| Warrants: | No
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| Agents: | Craig-Hallum Capital Group LLC
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| Pricing date: | June 5
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| Settlement date: | June 11
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| Stock symbol: | Nasdaq: VTNR
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| Stock price: | $10.72 at close June 4
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| Market capitalization: | $219.73 million
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