Infrastructure and Energy Alternatives, Inc. Provides an Update on Recently Announced Potential Transactions
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, Oct. 09, 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, is providing an update on the status of the potential preferred stock financing and merger transactions detailed in the previously announced non-binding indicative term sheet (the “August Term Sheet”). As previously announced on August 14, 2019, the Company entered into an Equity Commitment Agreement (the “Equity Commitment Agreement”) among the Company, funds managed by the Private Equity Group of Ares Management Corporation (NYSE:ARES) (“Ares”), a leading global alternative asset manager, and funds managed by Oaktree Capital Management (“Oaktree”), whereby the Company agreed to issue and sell 50,000 shares of Series B Preferred Stock and 900,000 warrants to purchase the Company’s common stock at an exercise price of $0.0001 to Ares for an aggregate pur
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