Bookrunner Roth Capital and co-manager Monarch Capital Group assist
By Devika Patel
Knoxville, Tenn., Sept. 19 - Pioneer Power Solutions, Inc. priced a $7.7 million public offering of stock with a $1.16 million greenshoe on Sept. 19, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal was announced Aug. 1.
The company will sell 1.1 million common shares at $7.00 apiece. The price per share is identical to the Sept. 18 closing share price.
Roth Capital Partners is the bookrunning manager.
Settlement is expected Sept. 24.
Proceeds will be used to repay debt under the company's revolving credit line with Bank of Montreal, for acquisitions, for working capital and for other general corporate purposes.
The designer, developer and manufacturer of liquid-filled power, distribution and specialty electric transformers is based in Court Reno, Nev.
| Issuer: | Pioneer Power Solutions, Inc.
|
| Issue: | Common shares
|
| Amount: | $7.7 million
|
| Greenshoe: | $1,155,000
|
| Shares: | 1.1 million
|
| Price: | $7.00
|
| Warrants: | No
|
| Bookrunner: | Roth Capital Partners
|
| Co-manager: | Monarch Capital Group
|
| Announcement date: | Aug. 1
|
| Pricing date: | Sept. 19
|
| Settlement date: | Sept. 24
|
| Stock symbol: | Nasdaq: PPSI
|
| Stock price: | $7.00 at close Sept. 18
|
| Market capitalization: | $41.82 million
|
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