PowerSecure International (NASDAQ:POWR) has launched a stock offering that could raise nearly $37 million.
The Wake Forest company, which late Thursday signaled its plans to raise funds through a stock sale, said Friday that it has priced a public offering of 2.3 million shares of its common stock at the price of $16 per share. Underwriters have 30 days to purchase an additional shares 345,000 shares at the same price to cover any over-allotments. Robert W. Baird & Co. is the sole book-running manager for the offering.
Concurrent with the PowerSecure offering, company CEO Sidney Hinton will sell 200,000 shares of his own stock at the same $16 price valuing his stock sale at $3.2 million. PowerSecure will not receive any proceeds from the sale of Hinton’s shares.
The offering is expected to close on Aug. 21.
PowerSecure provides an array of energy technologies and services for utilities, industrial users and commercial customers. The company said it expects net proceeds of $34.4 million, which the company will use for working capital, capital expenditures, acquisitions and other business opportunities.
PowerSecure shares were trading at around $15.96 in mid-morning trading, down 5.6 percent from Thursday’s close.