2023-05-19 09:40:23 ET
- Artesian Resources ( NASDAQ: ARTNA ) said Friday it priced an underwritten public offering of 695,650 shares of its Class A non-voting common stock at $50 per share.
- The company expects net proceeds of $34.8 million from the offering.
- The underwriters in the offering have a 30-day option to purchase from the company an additional 104,348 shares.
- Janney Montgomery Scott LLC is acting as the sole bookrunner.
- The company said the net proceeds will be used for general corporate purposes, including its capital investment program and repayment of outstanding indebtedness.
- Press Release .
- Shares -11% at $49.
For further details see:
Artesian Resources shares fall after pricing stock offering to raise $34.8M