Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



PowerSecure Floats New Common Stock Issue

Watch stocks you care about

The single, easiest way to keep track of all the stocks that matter...

Your own personalized stock watchlist!

It's a 100% FREE Motley Fool service...

Click Here Now

PowerSecure (UNKNOWN: POWR.DL  ) 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.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2599163, ~/Articles/ArticleHandler.aspx, 9/27/2016 1:47:29 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,230.53 135.70 0.75%
S&P 500 2,160.33 14.23 0.66%
NASD 5,301.47 43.98 0.84%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

5/9/2016 4:05 PM
POWR.DL $0.00 Down +0.00 +0.00%
PowerSecure Intern… CAPS Rating: **