Orion Energy Systems Completes $19.1M Public Offering
Orion Energy Systems, a designer and manufacturer of energy-efficient lighting platforms, today announced the completion of an underwritten public offering of 5,462,500 shares of its common stock at a purchase price of $3.50 per share. The offering includes the exercise in full of the underwriter’s over-allotment option to purchase an additional 712,500 shares of common stock. The net proceeds to the company from this offering were about $17.5 million, after deducting underwriting discounts and other estimated offering expenses.
Orion expects to use the net proceeds from the offering for general corporate purposes, which may include, but are not limited to pursuing acquisitions, expanding its LED lighting business and supporting its working capital needs.
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