Company offers 500,000 shares, proceeds of which will repay debt
By Toni Weeks
San Diego, July 12 - Manitex International, Inc. said it has arranged a registered direct offering of 500,000 shares of common stock for proceeds of $4.13 million.
The company is selling the shares at $8.25 each via agent Avondale Partners, LLC. The per-share price is a 3.96% discount to the closing share price of $8.59 on July 11.
Settlement is expected July 17.
Proceeds will be used to repay long-term debt.
Manitex is a Bridgeview, Ill.-based provider of engineered lifting solutions, including cranes, reach stackers, container-handling equipment and forklifts.
| Issuer: | Manitex International, Inc.
|
| Issue: | Common stock
|
| Amount: | $4,125,000
|
| Shares: | 500,000
|
| Price: | $8.25
|
| Warrants: | No
|
| Agent: | Avondale Partners, LLC
|
| Pricing date: | July 12
|
| Settlement date: | July 17
|
| Stock symbol: | Nasdaq: MNTX
|
| Stock price: | $8.59 at close July 11
|
| Market capitalization: | $97.46 million
|
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