ALLETE, Inc. (ALE) Prices Upsized 3.2M Share Offering at $63

April 1, 2022 6:17 AM EDT

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ALLETE, Inc. (NYSE: ALE) announced the pricing of an underwritten public offering of 3,200,000 shares of its common stock at $63.00 per share. The size of the common stock offering was increased from the previously announced 2,950,000 shares. In conjunction with this offering, the underwriters have been granted an option to purchase up to an additional 480,000 shares of the Company’s common stock. The offering is expected to close on April 5, 2022, subject to customary closing conditions.

The Company intends to use the net proceeds from this offering for corporate purposes, including, without limitation, the payment of the purchase price for the acquisition of New Energy Equity as well as capital investments.

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