Shares sold at $12.52 to fund acquisition of International Polymerics
By Devika Patel
Knoxville, Tenn., July 27 – Flotek Industries, Inc. said it has arranged a $30.75 million private placement of stock that was expected to settle on Wednesday.
The company will sell 2,455,839 common shares at $12.52 apiece, a 5.01% discount to the July 26 closing share price of $13.18.
Proceeds will be used for the company’s planned acquisition of International Polymerics, Inc., to repay debt under the company's secured credit facility and for general corporate purposes..
Houston-based Flotek makes oilfield technologies such as specialty chemicals and down-hole drilling and production equipment.
| Issuer: | Flotek Industries, Inc.
|
| Issue: | Common shares
|
| Amount: | $30,747,104
|
| Shares: | 2,455,839
|
| Price: | $12.52
|
| Warrants: | No
|
| Announcement date: | July 27
|
| Settlement date: | July 27
|
| Stock symbol: | NYSE: FTK
|
| Stock price: | $13.18 at close July 26
|
| Market capitalization: | $705.69 million
|
|
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
