Ormat Announces Full Exercise Of Underwriters’ Option To Purchase Additional Shares
November 30 2020 - 9:50AM
Ormat Technologies, Inc. (NYSE: ORA) (“Ormat” or the “Company”), a
leading vertically integrated company that is primarily engaged in
the geothermal and recovered energy generation (“REG”) businesses,
as well the solar photovoltaic (PV) and energy storage and
management services business, today announced the full exercise of
the underwriters' option to purchase an additional 622,500 shares
of common stock at the public offering price of $74.00 per share in
connection with the Company’s previously announced public offering
of common stock. After giving effect to the full exercise of the
option to purchase additional shares, the total number of shares
sold by Ormat in the public offering was 4,772,500 shares resulting
in net proceeds of approximately $340 million, after deducting
underwriting discounts and commissions and estimated offering
expenses payable by the Company.
“We are delighted to have successfully completed
our public offering,” commented Doron Blachar, Ormat’s Chief
Executive Officer. “I am pleased and proud that we have been able
to secure investments from high-quality institutions within the
United States and internationally. We look forward to continuing to
create shareholder value while providing clean, renewable energy to
customers and consumers around the world.”
Ormat intends to use the net proceeds from the
offering for general corporate purposes, including working capital
and capital expenditures, and for potential acquisitions, including
complementary businesses, technologies or assets.
J.P. Morgan Securities LLC and BofA Securities
acted as joint book-running managers for the offering. UBS
Securities LLC is also acting as a joint book-running manager for
the offering. Cowen, HSBC Securities (USA) Inc., Oppenheimer &
Co. Inc. and Roth Capital Partners are acting as co-managers for
the offering.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
The offering was made pursuant to an
automatically effective shelf registration statement on Form S-3
(including a base prospectus and a related prospectus supplement)
filed with the U.S. Securities and Exchange Commission. Copies of
the base prospectus and related prospectus supplement may be
obtained by contacting J.P. Morgan Securities LLC, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
or by email: prospectus-eq_fi@jpmchase.com, or by telephone: 1
(866) 803-9204; and from BofA Securities, NC1-004-03-43, 200 North
College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention:
Prospectus Department or by email at
dg.prospectus_requests@bofa.com.
ABOUT ORMAT TECHNOLOGIES
With over five decades of experience, Ormat
Technologies, Inc. is a leading geothermal company and the only
vertically integrated company engaged in geothermal and REG, with
the objective of becoming a leading global provider of renewable
energy. The Company owns, operates, designs, manufactures and sells
geothermal and REG power plants primarily based on the Ormat Energy
Converter – a power generation unit that converts low-, medium- and
high-temperature heat into electricity. The Company has engineered,
manufactured and constructed power plants, which it currently owns
or has installed to utilities and developers worldwide, totaling
over 3,000 MW of gross capacity. Ormat’s current 933 MW generating
portfolio is spread globally across the U.S., Kenya, Guatemala,
Indonesia, Honduras and Guadeloupe. Ormat expanded its operations
to provide energy storage and energy management solutions, by
leveraging its core capabilities and global presence as well as
through its Viridity Energy Solutions Inc. subsidiary.
FORWARD-LOOKING STATEMENTS
Information provided in this press release may
contain statements relating to current expectations, estimates,
forecasts and projections about future events that are
“forward-looking statements” as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include statements concerning the completion of the offering and
the use of proceeds therefrom. Actual future results may differ
materially from those projected as a result of certain risks and
uncertainties. For a discussion of such risks and uncertainties,
see “Risk Factors,” in each case, included in Ormat’s Annual Report
on Form 10-K for the year ended December 31, 2019 filed with the
Securities and Exchange Commission (“SEC”) on March 2, 2020, as
amended by Amendment No. 1 on Form 10-K/A filed with the SEC on
March 3, 2020, and Ormat’s Quarterly Report on Form 10-Q for the
quarterly period ended September 30, 2020 filed with the SEC on
November 5, 2020 and other risk factors detailed from time to time
in filings with the SEC. These forward-looking statements are made
only as of the date hereof, and the Company undertakes no
obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
Ormat Technologies Contact:Smadar LaviVP Corporate Finance and Head
of Investor Relations775-356-9029 (ext. 65726)slavi@ormat.com |
Investor Relations Agency Contact:Rob FinkFNK IR646-809-4048
rob@fnkir.com |
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