Bookrunner Roth Capital and co-manager Monarch Capital Group assist
By Devika Patel
Knoxville, Tenn., Sept. 25 - Pioneer Power Solutions, Inc. said Tuesday that the underwriters for its public offering of stock opted to exercise the deal's $1.16 million greenshoe in full for total proceeds of $8.86 million. The deal was announced Aug. 1 and priced for $7.7 million with the greenshoe on Sept. 19.
The company sold 1,265,000 common shares at $7.00 apiece. The price per share is identical to the Sept. 18 closing share price. Of the shares, 165,000 comprised the fully exercised greenshoe.
Roth Capital Partners was the sole bookrunning manager.
Proceeds will be used to repay debt under the company's revolving credit line with Bank of Montreal and for acquisitions, working capital and other general corporate purposes.
The designer, developer and manufacturer of liquid-filled power, distribution and specialty electric transformers is based in Fort Lee, N.J.
| Issuer: | Pioneer Power Solutions, Inc.
|
| Issue: | Common shares
|
| Amount: | $8,855,000 (including $1,155,000 greenshoe)
|
| Shares: | 1,265,000
|
| 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: | $48.73 million
|
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