Power technologies company PowerSecure (NASDAQ:POWR) plans to raise $44 million by selling shares in the company, including 200,000 shares owned by CEO Sidney Hinton.
The plan isn’t finalized. The company gave no details on when the offering might happen and the size of the offering could also change. No stock price or effective date has been set, according to a prospectus filed with the Securities and Exchange Commission.
When that price is set, the Wake Forest company said that underwriters would have 30 days to purchase additional shares at the same price per share. Robert W. Baird & Co. is the sole book-running manager for the offering.
PowerSecure provides an array of energy services to utilities, commercial and industrial customers. The company said it would use proceeds from the offering for general corporate purposes, which could include capital expenditures and acquisitions. PowerSecure has been active on the acquisition front. Last year PowerSecure acquired its Solar Business. This year, PowerSecure acquired its Energy Services Company business and its LED lighting business Solais Lighting. PowerSecure will not receive any proceeds from the sale of Hinton’s stock.
Shares in PowerSecure closed at $16.91, down 6.7 percent.