PowerSecure Int'l Closes Public Offering Of Common Stock - Quick Facts

(RTTNews) - PowerSecure International, Inc. (POWR) announced that it closed the previously announced public offering, in which the company sold 2.3 million shares of common stock at a price of $16.00 per share.

The company said it also granted the underwriters a 30-day option to purchase up to 345,000 additional shares of common stock at the same price per share to cover any over-allotments.

PowerSecure said it received net proceeds from the offering of about $34.4 million after deducting the underwriting discount and estimated expenses of the offering, before any exercise of the over-allotment option.

The company stated it expects to use the net proceeds from the sale of its shares in this offering for general corporate purposes, including but not limited to working capital, capital expenditures, acquisitions, repurchases of outstanding shares and other business opportunities.