CJS Securities is agent for deal, which is contingent on acquisition
By Devika Patel
Knoxville, Tenn., Nov. 1 - Essex Rental Corp. arranged a private placement of stock through agent CJS Securities on Oct. 29, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company will sell 3.3 million common shares at $4.30 per share for $14.19 million. The price per share is a 2.27% discount to $4.40, the Oct. 28 closing share price.
The private placement is contingent upon Essex successfully acquiring the assets of Coast Crane Co., a provider of specialty lifting solutions and crane rental services. Coast filed a voluntary bankruptcy petition in the U.S. Bankruptcy Court for the Western District of Washington (case number 10-21229) on Sept. 22 and is selling its assets.
The proceeds of the offering will be used to fund the cash portion of the asset acquisition.
Essex is a Buffalo Grove, Ill., provider of lattice-boom crawler crane and attachment rental services.
| Issuer: | Essex Rental Corp.
|
| Issue: | Common stock
|
| Amount: | $14.19 million
|
| Shares: | 3.3 million
|
| Price: | $4.30
|
| Warrants: | No
|
| Agent: | CJS Securities
|
| Pricing date: | Oct. 29
|
| Stock symbol: | Nasdaq: ESSX
|
| Stock price: | $4.40 at close Oct. 29
|
| Market capitalization: | $77.02 million
|
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