Bookrunner Roth Capital and co-manager Monarch Capital Group assist
By Devika Patel
Knoxville, Tenn., Sept. 25 – Pioneer Power Solutions, Inc. said it priced its $4.5 million public offering of stock with a $4.5 million greenshoe. The deal was announced Monday.
The company will sell 1,125,000 common shares at $4.00 per share. The price per share is a 20% discount to the Sept. 24 closing share price of $5.00.
Roth Capital Partners is the bookrunning manager.
Settlement is expected Sept. 30.
Proceeds will be used to repay debt under the company’s revolving credit line with Bank of Montreal and for 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.
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| Issue: | Common stock
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| Amount: | $4.5 million
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| Greenshoe: | $675,000, or 168,750 shares
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| Shares: | 1,125,000
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| Price: | $4.00
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| Warrants: | No
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| Bookrunner: | Roth Capital Partners
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| Co-manager: | Monarch Capital Group
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| Announcement date: | Sept. 21
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 30
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| Stock symbol: | Nasdaq: PPSI
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| Stock price: | $5.00 at close Sept. 24
|
| Market capitalization: | $28.51 million
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