Willdan Group, Inc. Announces Pricing of Follow-On Public Offering of 1,750,000 Shares of Common Stock
October 04 2018 - 7:22AM
Business Wire
Willdan Group, Inc. (NASDAQ: WLDN) (“Willdan” or the “Company”)
announced today the pricing of an underwritten public offering of
1,750,000 shares of the Company’s common stock at a price to the
public of $30.00 per share. The offering is expected to close on or
about October 9, 2018, subject to customary closing conditions.
The Company has granted the underwriters an option for a period
of 30 days to purchase up to an additional 262,500 shares of the
Company’s common stock. If exercised, all additional shares will be
offered at the public offering price per share of common stock in
the offering.
If the Company’s proposed acquisition of Lime Energy Co. is
completed, the Company intends to use the net proceeds of the
offering to fund a portion of the purchase price of the acquisition
and for general corporate purposes, which may include the repayment
of borrowings under its new credit facilities. If the acquisition
of Lime Energy Co. is not completed, the Company intends to use the
net proceeds of the offering for general corporate purposes.
Wedbush Securities Inc. and Roth Capital Partners acted as joint
book-running managers for the offering.
A shelf registration statement relating to the Company’s common
stock was previously filed by the Company with the Securities and
Exchange Commission (the “SEC”) and was declared effective on
November 17, 2017.
The offering may only be made by means of a prospectus
supplement and accompanying prospectus. A copy of the preliminary
prospectus supplement and accompanying prospectus relating to the
offering may be obtained by visiting EDGAR on the SEC website at
www.sec.gov or by contacting Wedbush Securities Inc., Attention:
Equity Syndicate Prospectus Department, 2 Embarcadero Center, Suite
600, San Francisco, CA 94111, by e-mail at ecm@wedbush.com or by
telephone at 800.422.4309; or Roth Capital Partners, 888 San
Clemente Drive, Suite 400, Newport Beach, CA 92660 or by telephone
at 800.678.9147.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the common stock, nor shall there
be any sale of the common stock 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 Willdan
Willdan is a nationwide provider of professional technical and
consulting services to utilities, government agencies, and private
industry. Willdan’s service offerings span a broad set of
complementary disciplines that include electric grid solutions,
energy efficiency and sustainability, engineering and planning, and
municipal financial consulting.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements can be identified by such words
and phrases as “believes,” “anticipates,” “expects,” “intends,”
“estimates,” “may,” “will,” “should,” “continue” and similar
expressions, comparable terminology or the negative thereof, and
includes statements in this press release regarding the anticipated
closing date of the public offering of Willdan’s common stock.
Forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in the forward-looking statements,
including, but not limited to: Willdan’s ability to consummate the
public offering of common stock, its use of any net proceeds from
the offering, Willdan’s ability to complete its pending acquisition
of Lime Energy Co. and, if completed, to obtain the anticipated
benefits therefrom, Willdan’s ability to draw under the delayed
draw term loan facility in connection with its new credit
facilities, Willdan’s ability to adequately complete projects in a
timely manner, Willdan’s ability to compete successfully in the
highly competitive energy efficiency services market, changes in
state, local, and regional economies and government budgets,
Willdan’s ability to win new contracts, to renew existing contracts
(including with Willdan’s two primary customers and, if the
acquisition of Lime Energy Co. is completed, the two primary
customers of Lime Energy Co.) and to compete effectively for
contract awards through bidding processes and Willdan’s ability to
successfully integrate its acquisitions and execute on its growth
strategy. Willdan’s business could be affected by a number of other
factors, including the risk factors listed from time to time in
Willdan’s reports filed with the SEC, including, but not limited
to, the Annual Report on Form 10-K filed for the year ended
December 29, 2017 and the Current Report on Form 8-K filed with the
SEC on October 3, 2018, as such disclosures may be amended,
supplemented or superseded from time to time by other reports
Willdan files with the SEC. Willdan cautions investors not to place
undue reliance on the forward-looking statements contained in this
press release. Willdan disclaims any obligation to, and does not
undertake to, update or revise any forward-looking statements in
this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20181004005339/en/
Willdan Group, Inc.Stacy McLaughlin, 714-940-6300Chief
Financial Officersmclaughlin@willdan.comorInvestor/Media
ContactFinancial Profiles, Inc.Tony Rossi,
310-622-8221trossi@finprofiles.com
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