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Orbital Energy Group, Inc. closed its previously registered direct offering.

Urja Daily by Urja Daily
July 27, 2021
in News
Reading Time: 3 mins read
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Orbital Energy Group, Inc. closed its previously registered direct offering.
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HOUSTON, Orbital Energy Group, Inc. (Nasdaq: OEG) (“Orbital” or the “Company”), today announced the closing of its previously announced registered direct offering. The Company sold 10,410,959 shares of its common stock at a price of $3.65 per share for gross proceeds to the Company of $38 million, before deducting commissions and estimated offering expenses.

A.G.P./Alliance Global Partners acted as sole placement agent for the offering.

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Orbital’s CEO and vice-chairman, Jim O’Neil, commented, “This cash infusion will be used to enhance the growth and development of our new telecommunications subsidiary, Gibson Technical Services, along with Orbital Power Services and our new foundation division, Eclipse, and to fund mobilization costs associated with upcoming large solar projects at Orbital Solar Services.  All-in-all, this financing is a very positive development for our Company, our customers, our employees, and our shareholders.”

The securities were offered pursuant to an effective shelf registration statement on Form S-3 (File No. 333-252682) previously filed with the U.S. Securities and Exchange Commission (the “SEC”). A prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available for free on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Orbital

Orbital Energy Group, Inc. (Nasdaq: OEG) is creating a diversified energy services platform through the acquisition and development of innovative companies. Orbital Energy’s group of businesses includes Orbital Power Services, Orbital Solar Services, Orbital Telecom Services and Orbital Gas Systems.

Orbital Power Services provides engineering, construction, maintenance and emergency response solutions to the power, utilities, and midstream markets.

Orbital Solar Services provides engineering, procurement, and construction (“EPC”) expertise in the renewable energy industry and established relationships with solar developers and panel manufacturers in the utility scale solar market.

Orbital Telecom Services, operating as Gibson Technical Services, has nationwide locations equipped to effectively support multi-vendor OEM technology environments and outside plant construction operations on an as-needed basis with specialized services in broadband, wireless, outside plant and building technologies, including healthcare. Orbital Gas Systems is a 30-year leader in innovative gas solutions, serving the energy, power and processing markets through the design, installation and commissioning of industrial gas sampling, measurement, and delivery systems.

As a publicly traded company, Orbital Energy is dedicated to maximizing shareholder value. But most important, our commitment to conduct business with a high level of integrity, respect, and philanthropic dedication allows the organization to make a difference in the lives of their customers, employees, investors, and global community.

Tags: Gibson Technical Servicesjurisdiction.Orbital Power ServicesSecurities and Exchange Commission
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