Ormat Announces Pricing of Upsized Public Offering of Common Stock on Behalf of Stockholder ORIX Corporation
November 16 2022 - 9:45PM
Ormat Technologies, Inc. (NYSE: ORA) (“Ormat”), a leading
geothermal, energy storage, solar PV and recovered energy power
company, announced today the pricing of an upsized underwritten
secondary offering of 3,750,000 shares of its common stock on
behalf of ORIX Corporation at a price of $90.00 per share. The
offering is expected to close on November 21, 2022, subject to
customary closing conditions. Ormat is not offering any of its
common stock in the offering for its own account and will not
receive any proceeds from the sale of the shares being offered by
the selling stockholder.
BofA Securities and J.P. Morgan are acting as
joint book-running managers for the offering. Wolfe | Nomura
Alliance, Citigroup, Cowen, Oppenheimer & Co., Roth Capital
Partners, and UBS Investment Bank are acting as co-managers for the
offering. The underwriters will have a 30-day option to purchase up
to an additional 562,500 shares of Ormat’s common stock from ORIX
Corporation.
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 is being made pursuant to an
automatically effective shelf registration statement on Form S-3
filed with the U.S. Securities and Exchange Commission on November
16, 2020. The offering may be made only by means of a base
prospectus and a related prospectus supplement, copies of which may
be obtained by contacting BofA Securities, NC1-004-03-43, 200 North
College Street, 3rd floor, Charlotte NC 28255-0001, Attn:
Prospectus Department, Email: dg.prospectus_requests@bofa.com; and
from 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.
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 recovered
energy generation (“REG”), with robust plans to accelerate
long-term growth in the energy storage market and to establish a
leading position in the U.S. energy storage market. 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 for utilities and developers worldwide, totaling
approximately 3,200 MW of gross capacity. Ormat leveraged its core
capabilities in the geothermal and REG industries and its global
presence to expand the Company’s activity into energy storage
services, solar Photovoltaic (PV) and energy storage plus Solar PV.
Ormat’s current total generating portfolio is 1,173 MW with a 1,085
MW geothermal and solar generation portfolio that is spread
globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and
Guadeloupe, and an 88 MW energy storage portfolio that is located
in the U.S.
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.
Actual future results may differ materially from those projected as
a result of certain risks and uncertainties and other risks
described under "Risk Factors" as described in Ormat’s annual
report on Form 10-K filed with the Securities and Exchange
Commission (“SEC”) on February 25, 2022, and in Ormat’s subsequent
quarterly reports on Form 10-Q and annual reports on Form 10-K that
are filed from time to time with the SEC.
These forward-looking statements are made only
as of the date hereof, and, except as legally required, Ormat
undertakes no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events
or otherwise.
DISCLAIMER
“Wolfe | Nomura Alliance” is the marketing name
used by Wolfe Research Securities and Nomura Securities
International, Inc. in connection with certain equity capital
markets activities conducted jointly by the firms. Both Nomura
Securities International, Inc. and WR Securities, LLC are serving
as underwriters in the offering described herein. In addition, WR
Securities, LLC and certain of its affiliates may provide sales
support services, investor feedback, investor education, and/or
other independent equity research services in connection with this
offering.
Ormat Technologies Contact:Smadar LaviVP Head of IR and ESG
Planning & Reporting 775-356-9029 (ext.
65726)slavi@ormat.com |
Investor Relations Agency Contact:Sam Cohen or Joseph CaminitiAlpha
IR Group312-445-2870ORA@alpha-ir.com |
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