Underwriters exercise $3.16 million portion of $3.87 million greenshoe
By Angela McDaniels
Tacoma, Wash., July 14 – The underwriters for Eco-Stim Energy Solutions Inc.’s public offering of common stock exercised their over-allotment option in part, raising the size of the offering to $29.28 million from $26.13 million.
The offering priced with a $3.87 million greenshoe on July 9. The underwriters exercised $3.16 million of the greenshoe, and settlement is scheduled for July 15, according to an 8-K filing with the Securities and Exchange Commission.
The company sold 6,164,690 shares for $4.75 each, a 15.5% discount to the $5.62 closing share price on July 8.
FBR Capital Markets & Co., Roth Capital Partners, LLC and Seaport Global Securities LLC are the bookrunners.
Proceeds will be used to finance capital expenditures related to the company’s turbine-powered pressure pumping units, for complementary equipment needed to put the units into operation and for the final payments on its second conventional pressure pumping fleet. Proceeds will also be used for working capital and general corporate purposes, which may include the purchase and maintenance of existing equipment, retirement of debt and inventory purchases.
The Houston-based oilfield services company is focused on reducing the ecological impact and improving the economic performance of the well stimulation process.
| Issuer: | Eco-Stim Energy Solutions Inc.
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| Issue: | Common stock
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| Amount: | $29,282,278
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| Shares: | 6,164,690
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| Price: | $4.75
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| Warrants: | No
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| Bookrunners: | FBR Capital Markets & Co., Roth Capital Partners, LLC and Seaport Global Securities LLC
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| Announcement date: | May 29
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| Pricing date: | July 9
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| Settlement date: | July 15
|
| Stock symbol: | OTCBB: ESES
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| Stock price: | $5.62 at close July 8
|
| Market capitalization: | $32.48 million
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