Fort Lee-based Pioneer Power Solutions Inc. announced today the pricing of a public offering of 1.1 million shares of common stock at a price of $7 per share. Closing of the offering is expected to occur Sept. 24, subject to customary closing conditions.
According to the announcement, the company also announced that, effective Sept. 19, its common stock will begin trading on the Nasdaq Capital Market under the symbol PPSI. In connection with its listing on the Nasdaq, the company's common stock will cease trading on the OTC Bulletin Board and the OTCQB.
The offering will fund repayment of outstanding debts under a U.S. revolving credit line with Bank of Montreal, Chicago Branch, as well as acquisitions, working capital and other uses. Roth Capital Partners is acting as sole book-running manager for the offering. Monarch Capital Group is acting as co-manager, the company said in a statement. Pioneer acquired California-based Pico Electrical earlier this month.
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