Infrastructure and Energy Alternatives, Inc. Announces Closing of $50 Million Equity Transaction
Infrastructure and Energy Alternatives, Inc. (IEA)
Last infrastructure and energy alternatives, inc. earnings: 3/10 05:25 pm
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Source: GlobeNewswire
INDIANAPOLIS, Aug. 30, 2019 (GLOBE NEWSWIRE) -- Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with specialized energy and heavy civil expertise, today announced that it has completed the sale of 50,000 shares of Series B Preferred Stock (which have been designated as Series B-2 Preferred Stock as described below) and 900,000 warrants to purchase the Company’s common stock at an exercise price of $0.0001 (the “Tranche One Transaction”) to funds managed by the Private Equity Group of Ares Management Corporation (NYSE: ARES), a leading global alternative investment manager (“Ares”) for an aggregate purchase price of $50.0 million as contemplated by the Equity Commitment Agreement, dated as of August 13, 2019 (as amended, the “Second Equity Commitment Agreement”). The net proceeds from the sale of the Tranche One Transaction will be used for working capital and to reduce outstanding borrowings under the
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