Key Developments For Comverge, Inc.
Comverge, Inc. (COMV.O) (Consolidated Issue listed on NASDAQ Global Market)
Comverge, Inc. Announces Pricing Of Underwritten Offering Of Common Stock
Comverge, Inc. announced the pricing of an underwritten offering of 2.4 million shares of common stock at $10.50 per share. The Company has also granted the underwriters the option to purchase up to 360,000 additional shares of common stock to cover over-allotments, if any. The Company intends to use the net proceeds from this offering of approximately $23.5 million (and the net proceeds from any exercise of the underwriters' option to purchase additional shares of common stock) to repay outstanding indebtedness, finance the capital requirements of its current and future contracts, as well as research and development, and for other general corporate purposes. RBC Capital Markets Corporation and Lazard Capital Markets LLC acted as joint book-running managers for the offering. Robert W. Baird & Co. Incorporated and Stephens Inc. acted as co-managers.
Comverge, Inc. Reaffirms Q4 2009 Revenue Outlook-Conference Call
Comverge, Inc. expects fourth quarter 2009 revenues to be the greatest of the year. According to Reuters Estimates, analysts on an average are expecting the Company to report revenue of $41.28 million for the fourth quarter of 2009.
Comverge, Inc. Announces Regulatory Approval of VPC Contract
Comverge, Inc. announced that a four year, 40 megawatt Virtual Peaking Capacity (VPC) contract with Southern California Edison (SCE), announced in June 2008, has received regulatory approval. Through its VPC program, Comverge will build, operate and maintain a demand response system to help secure electricity reliability during periods of peak demand.
Comverge, Inc. Files Shelf Registration Statement
Comverge, Inc. announced that it has filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission (the SEC). The registration statement, when declared effective by the SEC, will permit the Company to offer and sell up to $100 million of common stock, preferred stock, debt securities, warrants, units and other securities in one or more offerings. Additionally, the registration statement includes up to $50 million of common stock reserved for selling stockholders. The Company will not receive any proceeds from the sale of shares by selling stockholders. The Company is not required to offer or sell the securities in the future under the shelf registration statement. The terms of any offering under the registration statement will be established at the time of the offering.
Comverge, Inc. Reaffirms Q4 2009 Revenue Outlook-Conference Call
Comverge, Inc. announced that it expects fourth quarter 2009 revenues to be the greatest of the year. According to Reuters Estimates, analysts on an average are expecting the Company to report revenue of $42 million for the fourth quarter of 2009.
