Broadwind Energy Inc. says it has priced an underwritten public offering of 32.5 million shares of its common stock at a price to the public of $0.40 per share for gross proceeds of $13.0 million.
The net proceeds from the sale of the shares, after deduction of the underwriter's discounts and other estimated offering expenses payable by the company, will be approximately $11.7 million.
Broadwind currently intends to use the net proceeds from the offering for general corporate purposes. The offering is expected to close on or around Sept. 21, subject to the satisfaction of customary closing conditions.
Lazard Capital Markets LLC is acting as the sole book-running manager for the offering.
