Benzinga | Jul 29, 2021 08:47AM EDT

Infrastructure and Energy Alternatives, Inc. Announces Pricing of its Public Offering of $175 million of Common Stock and Pre-Funded Warrants

Infrastructure and Energy Alternatives, Inc. (NASDAQ:IEA) ("IEA" or the "Company"), today announced the pricing of an underwritten public offering of common stock and, to certain investors in lieu thereof, pre-funded warrants to purchase shares of common stock in an underwritten public offering, at a price to the public of $11.00 per share of common stock and $10.9999 per pre-funded warrant.

At closing, IEA will issue 8,161,502 shares of its common stock and, pre-funded warrants to purchase 7,747,589 additional shares of its common stock. The pre-funded warrants will be issued to ASOF Holdings I, L.P. ("ASOF"), a fund managed by Ares Management LLC, and other investors who would otherwise have exceeded 32% (or, at the election of the purchaser, 9.99%) beneficial ownership of our issued and outstanding common stock immediately following the offering. The shares of common stock and pre-funded warrants will be issued separately. The pre-funded warrants do not have a term and may be exercised for a price of $0.0001 per share immediately upon issuance. The pre-funded warrants will be certificated, and will be delivered to the investors by physical delivery following the closing. There is no established public trading market for the pre-funded warrants and IEA does not expect a market to develop.