Maxim, Chardan Capital Markets, National Securities assist with deal
By Toni Weeks
San Luis Obispo, Calif., Oct. 21 - Underwriters for Acorn Energy, Inc.'s public offering of stock fully exercised their over-allotment option for an additional 526,316 common shares in full, lifting proceeds to $11.5 million.
The company sold 4,035,087 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 for the over-allotment shares is expected Oct. 23.
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: | $11.5 million (including $1.5 million greenshoe)
|
| Shares: | 4,035,087
|
| Price: | $2.85
|
| Warrants: | No
|
| Bookrunner: | Maxim Group LLC
|
| Co-managers: | Chardan Capital Markets LLC and National Securities Corp.
|
| Announcement date: | Oct. 7
|
| Pricing date: | Oct. 11
|
| Greenshoe exercise: | Oct. 21
|
| Settlement dates: | Oct. 17 (for $10 million); Oct. 23 (for $1.5 million)
|
| Stock symbol: | Nasdaq: ACFN
|
| Stock price: | $3.02 at close Oct. 10
|
| Market capitalization: | $56.08 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
