Bookrunner Craig-Hallum Capital Group sells 4.75 million common shares
By Devika Patel
Knoxville, Tenn., Feb. 25 – Orion Energy Systems, Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $2.49 million greenshoe in full for total proceeds of $19.12 million. The deal was announced Feb. 11 and priced for $16.63 million with the greenshoe on Feb. 20.
The company sold 5,462,500 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. Of the shares, 712,500 were part of the fully exercised greenshoe.
Craig-Hallum Capital Group LLC was the bookrunning manager.
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.
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| Issue: | Common stock
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| Amount: | $19,118,750 (including $2,493,750 greenshoe)
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| Shares: | 5,462,500
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| Price: | $3.50
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| Warrants: | No
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| Bookrunner: | Craig-Hallum Capital Group LLC
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| Announcement date: | Feb. 11
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| Pricing date: | Feb. 20
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| Settlement date: | Feb. 25
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| Stock symbol: | NYSE: OESX
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| Stock price: | $4.01 at close Feb. 19
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| Market capitalization: | $82.94 million
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