Roth Capital Partners, ThinkEquity, Craig-Hallum Capital act as agents
By Melissa Kory
Cleveland, July 7 - ECOtality, Inc. said its underwriters exercised their over-allotment option in full for 1,275,000 shares, or $3.19 million, of common stock, lifting the public offering to 9,775,000 shares, or $24.44 million.
ECOtality negotiated the public sale of 8.5 million common shares at $2.50 apiece, or $21.25 million in total, on June 23. The offering closed on June 27.
The price per share is a 0.4% discount to the June 22 closing share price of $2.51.
Roth Capital Partners acted as the bookrunner for the offering with ThinkEquity LLC and Craig-Hallum Capital Group acting as co-managers.
ECOtality intends to use the proceeds for working capital related to its $100.2 million cost reimbursable contract with the U.S. Department of Energy. The company intends to use any remaining proceeds to expand its Blink infrastructure and for general corporate purposes.
ECOtality is a renewable energy company based in Scottsdale, Ariz.
| Issuer: | ECOtality Inc.
|
| Issue: | Common stock
|
| Amount: | $24,437,500, including $3,187,500 greenshoe
|
| Shares: | 9,775,000
|
| Price: | $2.50
|
| Warrants: | No
|
| Agents: | Roth Capital Partners, ThinkEquity LLC and Craig-Hallum Capital Group
|
| Pricing date: | June 23
|
| Settlement date: | June 27
|
| Stock symbol: | Nasdaq: ECTY
|
| Stock price: | $2.51 at close June 22
|
| Market capitalization: | $33.76 million
|
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