Benzinga | Jul 29, 2021 03:46PM EDT

Infrastructure And Energy Alternatives Raises $175M Via Secondary Equity Offering And Pre-Funded Warrants

* Infrastructure and Energy Alternatives Inc (NASDAQ:IEA) priced its underwritten public offering, pre-funded warrants to purchase shares of underwritten public offering at $11.00 per share and $10.9999 per pre-funded warrant.

* IEA will issue 8,161,502 shares and pre-funded warrants to purchase 7,747,589 additional shares.

* The pre-funded warrants will be issued to ASOF Holdings I, L.P., a fund managed by Ares Management LLC, and other investors who would otherwise have exceeded 32% beneficial ownership of issued and the outstanding common stock immediately following the offering.

* Underwriters are granted a 30-day option to purchase additional shares of common stock up to 15% of the aggregate number of shares of common stock plus the shares of common stock underlying any pre-funded warrants.

* The gross proceeds are expected to be ~$175 million. The company intends to use all of the net proceeds from the offering to repurchase and redeem a portion of its outstanding Series B Preferred Stock and pay the associated redemption premium.

* The offering is expected to close on August 2, 2021.

* Price action: IEA shares traded higher by 0.86% at $11.76 on the last check Thursday.