Infrastructure And Energy Alternatives Raises $175M Via Secondary Equity Offering And Pre-Funded Warrants

  • Infrastructure and Energy Alternatives Inc IEA priced its underwritten public offering, pre-funded warrants to purchase shares of underwritten public offering at $11.00 per share and $10.9999 per pre-funded warrant.
  • IEA will issue 8,161,502 shares and pre-funded warrants to purchase 7,747,589 additional shares.
  • The pre-funded warrants will be issued to ASOF Holdings I, L.P., a fund managed by Ares Management LLC, and other investors who would otherwise have exceeded 32% beneficial ownership of issued and the outstanding common stock immediately following the offering.
  • Underwriters are granted a 30-day option to purchase additional shares of common stock up to 15% of the aggregate number of shares of common stock plus the shares of common stock underlying any pre-funded warrants. 
  • The gross proceeds are expected to be ~$175 million. The company intends to use all of the net proceeds from the offering to repurchase and redeem a portion of its outstanding Series B Preferred Stock and pay the associated redemption premium.
  • The offering is expected to close on August 2, 2021.
  • Price action: IEA shares traded higher by 0.86% at $11.76 on the last check Thursday.

Posted In: BriefsNewsOfferings

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