By Sheri Kasprzak
New York, Oct. 3 - ENGlobal Corp. said it has wrapped up a $14 million private placement.
The company sold 2 million shares at $7.00 each to a single institutional investor.
ENGlobal chairman William Coskey and company chief executive officer Michael Burrow sold 960,714 shares, also priced at $7.00 each, as secondary participants. The sale reduced their beneficial ownership of the company to 34% and 5%, respectively.
Energy Capital Solutions, LP and Pritchard Capital Partners LLC were the placement agents.
Proceeds will be used for potential acquisitions, the repayment of its revolving credit line and general corporate purposes.
Based in Houston, ENGlobal provides engineering services and systems to the petroleum refining, petrochemical, pipeline production and process industries.
| Issuer: | ENGlobal Corp.
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| Issue: | Stock
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| Amount: | $14 million
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| Shares: | 2 million
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| Price: | $7.00
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| Warrants: | No
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| Placement agents: | Energy Capital Solutions, LP and Pritchard Capital Partners LLC
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| Settlement date: | Oct. 3
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| Stock price: | $8.09 at close Sept. 30
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