MILWAUKEE, June 22, 2017 /PRNewswire/ -- EnSync, Inc. (NYSE
MKT: ESNC), dba EnSync Energy Systems (the "Company"),
a leading developer of innovative distributed energy resource (DER)
systems and internet of energy (IOE) control platforms for the
utility, commercial, industrial and multi-tenant building markets,
today announced the pricing of a firm commitment underwritten
public offering of 7,150,000 shares of its common stock at a price
to the public of $0.35 per share. In
addition, the Company has granted the underwriter an option to
purchase up to 1,072,500 additional shares of common stock to cover
over-allotments, if any. The offering is expected to close on or
about June 27, 2017, subject to the
satisfaction of customary closing conditions.
Roth Capital Partners acted as the sole book-running manager for
the offering.
The total gross proceeds of the offering are expected to be
approximately $2.5 million, or
$2.9 million if the underwriter
exercises its over-allotment option in full. After deducting the
underwriter's discount and other estimated offering expenses
payable by the Company, the net proceeds are expected to be
approximately $2.1 million, or
$2.4 million if the underwriter
exercises its over-allotment option in full. The Company
intends to use the net proceeds of the offering to fund the
development of distributed energy resource projects and for working
capital and general corporate purposes.
The securities described above are being offered by the Company
pursuant to a shelf registration statement on Form S-3 (File No.
333-194706) previously filed with and subsequently declared
effective by the U.S. Securities and Exchange Commission (the
"SEC").
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, 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 of such
securities under the securities laws of any such state or
jurisdiction. A prospectus supplement relating to the shares
of common stock will be filed by the Company with the SEC.
When available, copies of the prospectus supplement, together with
the accompanying base prospectus, can be obtained at the SEC's
website at www.sec.gov or from Roth Capital Partners, 888 San
Clemente Drive, Suite 400, Newport Beach,
CA 92660, (800) 678-9147.
About EnSync Energy Systems
EnSync, Inc. (NYSE MKT: ESNC), dba EnSync Energy Systems, is
creating the future of electricity with innovative distributed
energy resource (DER) systems and internet of energy (IOE) control
platforms. EnSync Energy ensures the most cost-effective and
resilient electricity, delivered from an electrical infrastructure
that prioritizes the use of all available resources, such as
renewables, energy storage and the utility grid. As project
developer, EnSync Energy's distinctive engagement methodology
encompasses load analysis, system design consulting, and technical
and financial modeling to ensure energy systems are sized and
optimized to meet our customers' objectives for value and
performance. Proprietary direct current (DC) power control
hardware, energy management software, and extensive experience with
numerous energy storage technologies uniquely positions EnSync
Energy to deliver fully integrated systems that provide for
efficient design, procurement, commissioning, and ongoing
operation. EnSync Energy's IOE control platform adapts easily to
ever-changing generation and load variables, as well as changes in
utility prices and programs, ensuring the means to make or save
money behind-the-meter, while concurrently providing utilities the
opportunity to use DERs for an array of grid enhancing services. In
addition to direct system sales, EnSync Energy includes power
purchase agreements (PPAs) into its portfolio of offerings, which
enables electricity savings for customers and provides a stable
financial yield for investors. EnSync Energy is a global
corporation, with joint venture Meineng Energy in AnHui, China, and energy project development
subsidiary Holu Energy in Hawaii.
For more information, visit www.ensync.com.
Safe Harbor Statement
Certain information set forth in this press release may contain
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 that are intended to be
covered by the "safe harbor" created by those sections. Such
forward-looking statements include statements regarding the
proposed public offering and the intended use of proceeds from the
offering. The offering is subject to market and other
conditions and there can be no assurance as to whether or when the
offering may be completed or as to the actual size or terms of the
offering. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially,
including market conditions, risks associated with the cash
requirements of our business, and other risks detailed from time to
time in our filings with the Securities and Exchange Commission,
and represent our views only as of the date they are made and
should not be relied upon as representing our views as of any
subsequent date. We do not assume any obligation to update
any forward-looking statements.
Investor Relations Contact:
Lytham Partners, LLC
Robert Blum, Joseph Diaz, or Joe
Dorame
(602) 889-9700
EnSync Energy Media Contact:
Michelle Montague
mmontague@ensync.com
(262) 735-5676
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SOURCE EnSync, Inc.