By Sheri Kasprzak
New York, Oct. 23 - Meadow Valley Corp. wrapped a private placement for $7,354,080.
The company issued 817,120 units at $9.00 each to a group of institutional and accredited investors. The unit price represents a 14.3% discount to the company's closing stock price of $10.50 on Friday.
The units consist of one share and one warrant for one-tenth of a share. Each whole warrant is exercisable at $12.60 through Oct. 19, 2011.
Wunderlich Securities, Inc. was the placement agent.
Proceeds will be used for the expansion of the company's bonding capacity and for working capital.
Phoenix-based Meadow Valley is a contractor and construction materials supplier.
| Issuer: | Meadow Valley Corp.
|
| Issue: | Units of one share and one tenth-share warrant
|
| Amount: | $7,354,080
|
| Units: | 817,120
|
| Price: | $9.00
|
| Warrants: | One tenth-share warrant per unit
|
| Warrant expiration: | Oct. 19, 2011
|
| Warrant strike price: | $12.60
|
| Placement agent: | Wunderlich Securities, Inc.
|
| Settlement date: | Oct. 23
|
| Stock symbol: | Nasdaq: MVCO
|
| Stock price: | $10.50 at close Oct. 20
|
| Stock price: | $9.94 at close Oct. 23
|
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