Maxim, Chardan, National Securities and FIG Partners assist with deal
By Devika Patel
Knoxville, Tenn., Oct. 11 - Acorn Energy, Inc. said it priced a $10 million public offering of stock. The deal was announced Monday and has a $1.5 million greenshoe.
The company will sell 3,508,771 common shares at $2.85 per share. The price per share is a 5.63% discount to the Oct. 10 closing share price of $3.02.
Maxim Group LLC is the bookrunning manager.
Settlement is expected Oct. 17.
Proceeds will be used to provide working capital for the development of Acorn's USSI subsidiary and for other general corporate purposes.
Located in Mahwah, N.J., Acorn Energy develops clean energy technologies.
| Issuer: | Acorn Energy, Inc.
|
| Issue: | Common stock
|
| Amount: | $10 million
|
| Greenshoe: | $1.5 million
|
| Shares: | 3,508,771
|
| Price: | $2.85
|
| Warrants: | For 4.5 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.65
|
| Bookrunner: | Maxim Group LLC
|
| Co-managers: | Chardan Capital Markets LLC and National Securities Corp.
|
| Announcement date: | Oct. 7
|
| Pricing date: | Oct. 11
|
| Settlement date: | Oct. 17
|
| Stock symbol: | Nasdaq: ACFN
|
| Stock price: | $3.02 at close Oct. 10
|
| Market capitalization: | $56.08 million
|
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