MANITOWOC, Wis.–(BUSINESS WIRE)–Orion Energy Systems, Inc. (NYSE MKT: OESX), a leading designer and manufacturer of high-performance, energy-efficient lighting platforms, today announced the pricing of its upsized underwritten public offering of 4,750,000 shares of its common stock at a purchase price to the public of $3.50 per share. The net proceeds to the Company from this offering are expected to be approximately $15.2 million, after deducting underwriting discounts and other estimated offering expenses. In addition, Orion has granted the underwriter a 30-day option to purchase up to an aggregate of 712,500 additional shares of common stock to cover over-allotments, if any. All of the shares in the offering are to be sold by Orion. While the offering is expected to close on February 25, 2015, the closing of the offering is subject to customary closing conditions and therefore there can be no assurance as to whether or when the offering will be completed.
In connection with the offering, Craig-Hallum Capital Group LLC is acting as sole managing underwriter.
Orion expects to use the net proceeds from the offering for general corporate purposes, which may include, but are not limited to pursuing acquisitions, expanding its LED lighting business and supporting its working capital needs.
A shelf registration statement (No. 333-193411) relating to the shares of common stock to be issued in the proposed offering was filed with the Securities and Exchange Commission (SEC) and is effective. A preliminary prospectus supplement and accompanying base prospectus relating to the offering was filed with the SEC on February 11, 2015, and the final prospectus supplement and accompanying base prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov. In addition, electronic copies of the final prospectus supplement and accompanying prospectus, when available, may be obtained by contacting Craig-Hallum Capital Group, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, telephone 612-334-6300, email: [email protected].
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.