Hammond Power Solutions Secures $65.5 Million in Offering
Hammond Power Solutions Achieves Significant Funding
GUELPH, Ontario — Hammond Power Solutions Inc. (TSX: HPS.A) has recently concluded a major secondary offering, raising approximately $65.5 million. This significant capital infusion comes through the sale of 500,000 Class A Subordinate Voting Shares at a price of $131.00 per share, orchestrated by the company’s Chair of Board, Mr. William G. Hammond, via a controlled structure.
Utilization of Proceeds from the Offering
Mr. Hammond has outlined his intentions for the proceeds from this offering, indicating plans to prioritize diversification, charity initiatives, and estate planning. This strategic move not only reinforces Mr. Hammond's commitment to the company but also points towards future growth initiatives that may further enhance shareholder value.
Background on Share Ownership
Before this successful offering, Mr. Hammond owned or controlled an impressive total of 924,636 Class A Subordinate Voting Shares alongside 2,778,300 Class B Common Shares. This represented roughly 31.1% of the company's total shares, along with significant voting power. After the completion of the offering, Mr. Hammond will maintain ownership of 424,636 Class A Subordinate Voting Shares while still holding the same quantity of Class B shares, translating to approximately 26.9% of the issued and outstanding shares.
Details of the Bought Deal and Underwriters
This transaction was facilitated through a bought deal arrangement with prominent underwriters, Acumen Capital Finance Partners Limited and Canaccord Genuity Corp. These underwriters exercised their over-allotment option fully, underscoring the robust demand and confidence in the company’s future.
Early Warning Reporting
In accordance with regulatory requirements, an early warning report stemming from Mr. Hammond's sale of Class A shares will be accessible on SEDAR+. Investors seeking detailed insights into this transaction can refer to the company's profile on the platform. For further questions or additional information, the Investor Relations team is available and can be reached through the designated contact information.
About Hammond Power Solutions
Hammond Power Solutions Inc. takes pride in enabling electrification across various sectors with its extensive portfolio of dry-type transformers, power quality solutions, and associated magnetics. HPS’s products are vital components of electrical distribution networks and find utility in numerous end-user applications globally. With manufacturing plants located strategically in Canada, the United States, Mexico, and India, the company has established a strong international presence and market reach.
Product Range and Market Position
As a recognized leader in its domain, HPS continues to innovate and expand its offerings to meet the evolving needs of the energy sector. Their commitment to quality and sustainability is evident in both their standard and custom-designed products that are integral to modern electrification projects.
Contact Information
For more information regarding Hammond Power Solutions or inquiries related to this offering, individuals are encouraged to reach out to:
David Feick
Investor Relations
(519) 822-2441 x453
ir@hammondpowersolutions.com
Frequently Asked Questions
What was the total amount raised in the offering?
The total raised in the offering was approximately $65.5 million.
Who was involved in the offering?
The offering was led by Mr. William G. Hammond and underwritten by Acumen Capital Finance Partners Limited and Canaccord Genuity Corp.
What will the proceeds be used for?
The proceeds are intended for diversification, estate planning, and charitable giving purposes.
How many shares were sold in the offering?
A total of 500,000 Class A Subordinate Voting Shares were sold in the offering.
Where can I find the early warning report?
The early warning report will be available on SEDAR+ under the company’s profile.
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