Orion Group Holdings, Inc. (ORN), a specialized construction company, announced on Wednesday the pricing of its previously declared underwritten public offering. The company will issue 4.860 million shares at a price of $5.15 per share, aiming to raise approximately $25 million in gross proceeds.
The net proceeds from this offering, expected to close around September 12, will be utilized for working capital and general corporate purposes.
Orion has also granted the underwriters a 30-day option to purchase up to an additional 729,000 shares in connection with the offering.
Craig-Hallum Capital Group served as the sole book-running manager for the offering, with Roth Capital Partners acting as co-manager.
At the pre-market trade on the New York Stock Exchange, ORN shares were down by 12.60 percent, trading at $5.55.
