Acorn Completes $2.4M Rights Offering and Repurchases 19% Stake in its OmniMetrix™ Remote Monitoring and Control Subsidiary, Raising its Ownership to 99%
ACORN ENERGY INC (ACFN)
US:NASDAQ Investor Relations:
acornenergy.com/investor_information.php
Company Research
Source: GlobeNewswire
WILMINGTON, Del., July 01, 2019 (GLOBE NEWSWIRE) -- Acorn Energy, Inc. (OTCQB: ACFN), a provider of remote monitoring and control systems and services for generators, pipelines, air compressors and other industrial equipment, today announced that it has successfully completed its Rights Offering, raising $2.4 million in gross proceeds. Acorn also announced that it has utilized a portion of the rights offering proceeds to complete the planned reacquisition of a 19% interest in its OmniMetrix, LLC subsidiary for $1.273 million. The purchase price was based on terms established in November 2015 at the time of the original investment. The purchase raises Acorn’s OmniMetrix ownership from 80% to 99%, with the remaining 1% owned by OmniMetrix’s CEO. The balance of the rights offering net proceeds are intended to provide OmniMetrix with additional sales and marketing resources to facilitate expansion into additional geographic markets and new product applications, to support next-generati
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