Montrose Environmental Group Inc., also known as MEG, recently publicized the cost of their company's latest public offering. Initially, 3 million shares of common stock are to be made available at a rate of $37.15 each, which excludes underwriting discounts and commissions.
Further, underwriters have been granted an option by the company to buy up to an extra 450,000 shares of common stock over a span of 30 days. It's important to note that all of these securities available in the offering are being offered specifically by Montrose.
The closure of the offering is projected to occur on April 22, 2024. With the generated proceeds, Montrose intends to cater to general corporate needs and to expedite strategic growth initiatives. This can range anywhere from the acquisition or expansion of businesses, commercialization of intellectual property in light of broadening environmental regulations, to research and development, software development, capital expenditures, working capital and finally, debt repayment.
