By Devika Patel
Knoxville, Tenn., March 9 - Acorn Energy, Inc. will conduct an $12.28 million registered direct offering of shares, according to a prospectus supplement filed Tuesday with the Securities and Exchange Commission.
The company will sell 2,231,818 common shares at $5.50 per share.
Merriman Curhan Ford & Co. is the agent.
Settlement is expected March 11.
Proceeds will be used to finance certain pending acquisitions, possible future acquisitions and for working capital and other general corporate purposes.
Located in Mahwah, N.J., Acorn Energy develops clean energy technologies.
| Issuer: | Acorn Energy, Inc.
|
| Issue: | Common shares
|
| Amount: | $12,275,000
|
| Shares: | 2,231,818
|
| Price: | $5.50
|
| Warrants: | No
|
| Agent: | Merriman Curhan Ford & Co.
|
| Pricing date: | March 9
|
| Settlement date: | March 11
|
| Stock symbol: | Nasdaq: ACFN
|
| Stock price: | $6.75 at close March 8
|
| Market capitalization: | $70 million
|
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