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Acorn Energy Inc Closes Underwriters' Full Exercise Of Over-Allotment Option


Wednesday, 23 Oct 2013 04:32pm EDT 

Acorn Energy Inc announced the closing of the full exercise of the over-allotment option granted to the underwriters to purchase an additional 526,316 shares of its common stock at a public offering price of $2.85 per share in connection with its previously announced public offering of shares of common stock, bringing the total gross proceeds of the Offering to approximately $11.5 million. Including the exercise of the over-allotment option, the Company received total net proceeds from the Offering of approximately $10.4 million after deducting discounts and commissions to the underwriters and estimated offering expenses. The Company's common stock is listed on the Nasdaq Global Market under the symbol ACFN. Acorn intends to use the net proceeds from the offering to provide working capital for the development of its US Seismic Systems, Inc. subsidiary and for other general corporate purposes. Maxim Group LLC acted as the Sole Book Running Manager and lead managing underwriter for the offering. Chardan Capital Markets and National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. acted as Co-Managers for the offering. 

Company Quote

0.8701
1.0E-4 +0.01%
9:54am EST