Company sells shares at $10.75 each through agent Avondale Partners
By Devika Patel
Knoxville, Tenn., Sept. 25 - Manitex International, Inc. said it plans a $14.78 million registered direct offering of stock.
The company will sell 1,375,000 common shares. The purchase price of $10.75 per share reflects a 6.44% discount to the $11.49 closing share price on Sept. 24.
Settlement is expected on Sept. 30.
Avondale Partners, LLC is the lead placement agent, and Roth Capital Partners, LLC and Benchmark Co., LLC are the co-placement agents.
Proceeds will be used for debt repayment and general corporate purposes, which may include acquisitions.
Manitex is a Bridgeview, Ill.-based provider of engineered lifting products, including cranes, reach stackers, container-handling equipment and forklifts.
| Issuer: | Manitex International, Inc.
|
| Issue: | Common stock
|
| Amount: | $14,781,250
|
| Shares: | 1,375,000
|
| Price: | $10.75
|
| Warrants: | No
|
| Agents: | Avondale Partners, LLC (lead), Roth Capital Partners, LLC and The Benchmark Co., LLC (co-placement agents)
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 30
|
| Stock symbol: | Nasdaq: MNTX
|
| Stock price: | $11.49 at close Sept. 24
|
| Market capitalization: | $127.75 million
|
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