Lime Energy (LIME) Completes Sale of 750K Over-Allotment Option Shares
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Lime Energy Co. (Nasdaq: LIME) announced today the completion of the sale of 750,000 additional shares of its common stock pursuant to the exercise of the over-allotment option granted to the underwriters of its previously announced public offering. The sale of the additional shares resulted in net proceeds to the Company of approximately $3.88 million after deducting underwriting discounts, commissions and estimated offering expenses. This is in addition to the previously announced sale of 5 million shares which closed and funded on September 25th, generating net proceeds of approximately $25.45 million after underwriting discounts and commissions and estimated offering expenses. The Company expects to use approximately $3.2 million of the net proceeds from the offering to pay down most of its debt and use the remaining net proceeds for working capital and general corporate purposes and to support our need for performance bonds.
Wedbush Securities Inc. acted as the sole book-running lead manager of the offering and Canaccord Adams Inc. acted as co-manager.
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