Capstone Green Energy (CGRN) Enters into Agreement to Sell 952K Shares at $5.25/sh
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Capstone Green Energy Corporation (NASDAQ: CGRN) today announced that it has entered into an underwriting agreement with H.C. Wainwright & Co. under which the underwriter has agreed to purchase on a firm commitment basis 952,380 shares of common stock of the Company at a price to the public of $5.25 per share, less underwriting discounts and commissions. The closing of the offering is expected to occur on or about June 22, 2021, subject to satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.
The Company has also granted to the underwriter a 30-day option to purchase up to an additional 142,857 shares of common stock at the public offering price, less underwriting discounts and commissions.
The gross proceeds of the offering are expected to be approximately $5,000,000, before deducting underwriting discounts and commissions and offering expenses payable by Capstone and assuming no exercise of the option to purchase additional shares of common stock. Capstone intends to use the net proceeds from the offering for working capital, general corporate purposes and growth initiatives, including organic growth and potential future acquisitions. However, the Company has no present arrangements, agreements or understanding in principle of any such acquisitions.
A shelf registration statement on Form S-3 (File No. 333-254547) relating to the shares of common stock being offered was filed with the U.S. Securities and Exchange Commission (the "SEC") on March 22, 2021, and became effective on April 14, 2021. The offering will be made only by means of a prospectus supplement and accompanying prospectus that form a part of the shelf registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website, located at www.sec.gov. Electronic copies of the preliminary prospectus supplement and accompanying prospectus, and the final prospectus supplement and accompanying prospectus relating to the offering when filed, may also be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, NY 10022, by email at firstname.lastname@example.org or by phone at (212) 856-5711. Before you invest, you should read the preliminary prospectus supplement and accompanying prospectus and the other documents that Capstone has filed with the SEC for more complete information about Capstone and the offering.
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