Bookrunner Roth Capital and co-manager Monarch Capital Group assist
By Devika Patel
Knoxville, Tenn., Oct. 5 – Pioneer Power Solutions, Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $675,000 greenshoe in full, lifting total proceeds of the offering to $5.18 million. The deal was announced Sept. 21 and priced for $4.5 million with the greenshoe on Sept. 25.
The company sold 1,293,750 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. Of the shares, 168,750 were part of the fully exercised greenshoe.
Roth Capital Partners was the bookrunning manager.
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.
|
| Issue: | Common stock
|
| Amount: | $5,175,000, including $675,000greenshoe of 168,750 shares
|
| Shares: | 1,293,750
|
| Price: | $4.00
|
| Warrants: | No
|
| Bookrunner: | Roth Capital Partners
|
| Co-manager: | Monarch Capital Group
|
| Announcement date: | Sept. 21
|
| Pricing date: | Sept. 25
|
| Settlement date: | Oct. 5
|
| Stock symbol: | Nasdaq: PPSI
|
| Stock price: | $5.00 at close Sept. 24
|
| Market capitalization: | $29.25 million
|
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