HOUSTON, July 26, 2021 /PRNewswire/ -- Orbital Energy
Group, Inc. (Nasdaq: OEG) ("Orbital" or the "Company"), today
announced the closing of its previously announced registered
direct offering. The Company sold 10,410,959 shares of its common
stock at a price of $3.65 per share for gross proceeds to
the Company of $38 million, before deducting commissions and
estimated offering expenses.
A.G.P./Alliance Global Partners acted as sole placement agent
for the offering.
Orbital's CEO and vice-chairman, Jim O'Neil, commented,
"This cash infusion will be used to enhance the growth and
development of our new telecommunications subsidiary, Gibson
Technical Services, along with Orbital Power Services and our new
foundation division, Eclipse, and to fund mobilization costs
associated with upcoming large solar projects at Orbital Solar
Services. All-in-all, this financing is a very positive
development for our Company, our customers, our employees, and our
shareholders."
The securities were offered pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-252682) previously
filed with the U.S. Securities and Exchange Commission (the "SEC").
A prospectus supplement and accompanying prospectus relating to the
offering have been filed with the SEC and are available for free on
the SEC's website at www.sec.gov. Electronic copies of the
final prospectus supplement and the accompanying prospectus
relating to the offering may be obtained from A.G.P./Alliance
Global Partners, 590 Madison Avenue, 28th Floor, New York,
NY 10022, or by telephone at (212) 624-2060, or by email
at prospectus@allianceg.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Orbital
Orbital Energy Group, Inc. (Nasdaq:
OEG) is creating a diversified energy services platform through the
acquisition and development of innovative companies. Orbital
Energy's group of businesses includes Orbital Power Services,
Orbital Solar Services, Orbital Telecom Services and Orbital Gas
Systems.
Orbital Power Services provides engineering, construction,
maintenance and emergency response solutions to the power,
utilities, and midstream markets.
Orbital Solar Services provides engineering, procurement, and
construction ("EPC") expertise in the renewable energy industry and
established relationships with solar developers and panel
manufacturers in the utility scale solar market.
Orbital Telecom Services, operating as Gibson Technical
Services, has nationwide locations equipped to effectively support
multi-vendor OEM technology environments and outside plant
construction operations on an as-needed basis with specialized
services in broadband, wireless, outside plant and building
technologies, including healthcare. Orbital Gas Systems is a
30-year leader in innovative gas solutions, serving the energy,
power and processing markets through the design, installation and
commissioning of industrial gas sampling, measurement, and delivery
systems.
As a publicly traded company, Orbital Energy is dedicated to
maximizing shareholder value. But most important, our commitment to
conduct business with a high level of integrity, respect, and
philanthropic dedication allows the organization to make a
difference in the lives of their customers, employees, investors,
and global community.
For more information please visit:
www.orbitalenergygroup.com
Forward Looking Statements
This press release
contains certain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 and Private Securities Litigation
Reform Act, as amended, including those relating to the expected
use of proceeds. These statements may be identified by the
use of forward-looking expressions, including, but not limited to,
"expect," "anticipate," "intend," "plan," "believe," "estimate,"
"potential," "predict," "project," "should," "would" and similar
expressions and the negatives of those terms. These
statements relate to future events and involve known and unknown
risks, uncertainties and other factors which may cause actual
results, performance or achievements to be materially different
from any results, performance or achievements expressed or implied
by the forward-looking statements. Such factors include the
risk factors set forth in the Company's filings with the SEC,
including, without limitation, its Annual Report on Form 10-K for
the year ended December 31, 2020, its
periodic reports on Form 10-Q, and its Current Reports on Form 8-K
filed in 2020 and 2021, as well as the risks identified in the
shelf registration statement and the prospectus supplement relating
to the offering. Prospective investors are cautioned not to place
undue reliance on such forward-looking statements, which speak only
as of the date of this press release. Orbital undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or
otherwise.
Investor Relations
KCSA Strategic Communications
David Hanover
T: 212-896-1220
orbital@kcsa.com
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SOURCE Orbital Energy Group, Inc.