Bookrunner Craig-Hallum Capital Group sells 4.75 million common shares
By Devika Patel
Knoxville, Tenn., Feb. 20 – Orion Energy Systems, Inc. said it priced a $16.63 million public sale of stock with a $2.49 million greenshoe. The deal was announced Feb. 11.
The company will sell 4.75 million common shares at $3.50 per share. The price per share is a 12.72% discount to the Feb. 19 closing share price of $4.01.
Craig-Hallum Capital Group LLC is the bookrunning manager.
Settlement is expected Feb. 25.
Proceeds will be used for general corporate purposes, including pursuing acquisitions, expanding the company’s LED lighting business and supporting working capital needs.
The Manitowoc, Wis.-based company designs, manufactures and markets light-emitting diode retrofit fixtures.
| Issuer: | Orion Energy Systems, Inc.
|
| Issue: | Common stock
|
| Amount: | $16,625,000
|
| Greenshoe: | $2,493,750
|
| Shares: | 4.75 million
|
| Price: | $3.50
|
| Warrants: | No
|
| Bookrunner: | Craig-Hallum Capital Group LLC
|
| Announcement date: | Feb. 11
|
| Pricing date: | Feb. 20
|
| Settlement date: | Feb. 25
|
| Stock symbol: | NYSE: OESX
|
| Stock price: | $4.01 at close Feb. 19
|
| Market capitalization: | $81.85 million
|
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