Capstone Green Energy Announces Pricing of Approximately $8.0 million Underwritten Public Offering
August 19 2022 - 8:00AM
Business Wire
Capstone Green Energy (Nasdaq: CGRN) (“Capstone”, or the
“Company”), a global leader in carbon reduction and on-site
resilient green Energy as a Service (EaaS) solutions, today
announced the pricing of an underwritten public offering consisting
of 2,934,498 shares of its common stock and accompanying warrants
to purchase up to 2,934,498 shares of common stock at a combined
public offering price of $2.75 per share and accompanying warrant.
The warrants have an exercise price of $2.75 per share, are
exercisable immediately, and will expire five years following the
date of issuance. The offering is expected to close on August 23,
2022, subject to customary closing conditions.
Lake Street Capital Markets, LLC is acting as the sole
book-running manager for the offering and Joseph Gunnar & Co.,
LLC is acting as co-manager for the offering.
The gross proceeds to Capstone from the offering, before
underwriting discounts and commissions and offering expenses, are
expected to be approximately $8.0 million. Capstone intends to use
the net proceeds from the offering for working capital, general
corporate purposes and growth initiatives, including to expand its
Energy as a Service long-term rental fleet.
A shelf registration statement on Form S-3 (File No. 333-254547)
relating to the securities being offered was filed with the U.S.
Securities and Exchange Commission (the “SEC”) on March 22, 2021,
and became effective on April 14, 2021. The offering is being made
only by means of a prospectus supplement and accompanying
prospectus that form a part of the shelf registration statement. A
final prospectus supplement and accompanying prospectus relating to
the offering will be filed with the SEC and will be available on
the SEC's website, located at www.sec.gov. Alternatively, copies of
the prospectus supplement and accompanying prospectus may be
obtained, when available, from Lake Street Capital Markets, LLC,
Attn: Syndicate Department, 920 Second Avenue South, Suite 700,
Minneapolis, MN 55402, by calling (612) 326-1305, or by emailing
syndicate@lakestreetcm.com. Before you invest, you should read the
final prospectus supplement and accompanying prospectus, together
with the information incorporated therein, for more complete
information about Capstone and 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 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 Capstone:
Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ:
CGRN) is a leading provider of customized microgrid solutions and
on-site energy technology systems focused on helping customers
around the globe meet their environmental, energy savings, and
resiliency goals. Capstone Green Energy focuses on four key
business lines. Through its Energy as a Service (EaaS) business, it
offers rental solutions utilizing its microturbine energy systems
and battery storage systems, comprehensive Factory Protection Plan
(FPP) service contracts that guarantee life-cycle costs, as well as
aftermarket parts. Energy Generation Technologies (EGT) are driven
by the Company's industry-leading, highly efficient, low-emission,
resilient microturbine energy systems offering scalable solutions
in addition to a broad range of customer-tailored solutions,
including hybrid energy systems and larger frame industrial
turbines. The Energy Storage Solutions (ESS) business line designs
and installs microgrid storage systems creating customized
solutions using a combination of battery technologies and
monitoring software. Through Hydrogen & Sustainable Products
(H2S), Capstone Green Energy offers customers a variety of hydrogen
products, including the Company’s microturbine energy systems.
Forward-Looking Statements:
This release contains forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995, including
statements regarding the Company’s offering and other statements
regarding the Company's expectations, beliefs, plans, intentions,
and strategies. The Company has tried to identify these
forward-looking statements by using words such as “expect,”
“anticipate,” “believe,” “could,” “should,” “estimate,” “intend,”
“may,” “will,” “plan,” "goal” and similar terms and phrases, but
such words, terms and phrases are not the exclusive means of
identifying such statements. Actual results, performance and
achievements could differ materially from those expressed in, or
implied by, these forward-looking statements due to a variety of
risks, uncertainties and other factors, including, without
limitation, failure to satisfy the conditions to closing of the
offering or other factors and other risks described in the
Company's prior press releases and in its filings with the SEC,
including under the heading "Risk Factors" in the Company's
preliminary prospectus supplement and accompanying prospectus
related to the offering and any other filings with the SEC. You are
cautioned not to place undue reliance on these forward-looking
statements. Except as expressly required by the federal securities
laws, the Company undertakes no obligation to update or revise this
press release (including any forward-looking statements contained
herein), whether as a result of new information, changed
circumstances or future events or for any other reason, except as
required by law. Furthermore, the Company cannot guarantee future
results, events, levels of activity, performance, projections or
achievements.
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Investor Relations: Capstone Green Energy Investor and
investment media inquiries: (818) 407-3628 ir@CGRNenergy.com
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