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PowerSecure (NYSE: POWR ) is making a move to secure more funding. The company is issuing 2.3 million shares of its common stock in an underwritten public flotation priced at $16.00 per share. Additionally, the offering's underwriter has been granted a 30-day purchase option for up to an additional 345,000 shares to cover over-allotments.
PowerSecure said it plans to use the estimated $34.4 million net proceeds of the issue for "general corporate purposes, including but not limited to working capital, capital expenditures, acquisitions, repurchases of outstanding shares and other business opportunities."
The company added that its President and CEO Sidney Hinton is offering 200,000 shares in an underwritten public offering concurrent with the larger issue. PowerSecure stressed that it will receive no proceeds from Hinton's sale, as it is not the issuing party.
The sole book-running manager of the offering is Robert W. Baird & Co. The issue is expected to close on August 21.
At the moment, PowerSecure has just over 19 million shares outstanding, and its stock trades at $15.97 per share.