Orion Group Holdings Launches $25 Million Common Stock Offering
Orion Group Holdings Announces Public Offering
Orion Group Holdings, Inc. (NYSE: ORN) has made a significant announcement regarding its public offering of common stock. This initiative is part of the company’s strategy to bolster its financial foundation and expand its operational capabilities in the construction sector. The offering comprises 4,860,000 shares priced at $5.15 each, with expectations of generating approximately $25 million in gross proceeds.
Financial Utilization of Proceeds
The net proceeds from this public offering are intended for various corporate needs, including working capital and potentially paying down existing debt obligations under its credit agreement. This strategic financial maneuver is designed to enhance Orion’s capacity to fulfill projects and commitments while maintaining a healthy balance sheet.
Opportunities for Underwriters
In addition to the main offering, Orion has granted underwriters an option to acquire an additional 729,000 shares at the same offering price, less any underwriting discount. This flexible approach can create additional opportunities for both the company and the underwriters, allowing for greater participation in this financial endeavor.
Role of Underwriting Firms
The offering is being meticulously managed by Craig-Hallum Capital Group as the principal book-running manager, with Roth Capital Partners co-managing the effort. These firms are pivotal in ensuring the offering is structured effectively and meets the market's demands for such offerings.
About Orion Group Holdings
Orion Group Holdings operates as a prominent specialty construction firm with a strong presence in various sectors including infrastructure, industrial services, and building projects. The company specializes in both marine and concrete segments, providing services that range from construction of marine facilities to comprehensive concrete services across large commercial projects. Their operational areas extend across diverse geographic locations such as the continental United States and Canada.
Expertise in Marine and Concrete Services
In the marine segment, Orion offers construction and dredging services that include the creation of marine transportation facilities, pipeline construction, and environmental structures. Meanwhile, their concrete segment excels in large-scale concrete construction, site preparation, and other essential building services, demonstrating the company's depth of expertise in the construction industry.
Administrative Information and Company Contacts
For questions regarding this offering, interested parties can refer to the preliminary prospectus and supplemental prospectus, which describe the offering’s terms and structure. Orion Group Holdings encourages outreach through their administrative contacts for additional information on this significant public offering.
Contact Information:
Scott Thanisch
CFO, Orion Group Holdings, Inc.
310-622-8256
Email: orn@finprofiles.com
Margaret Boyce
Financial Profiles, Inc.
310-622-8247
Email: orn@finprofiles.com
Frequently Asked Questions
What is the total amount of funds being raised in the offering?
The total projected amount in the public offering is approximately $25 million.
What are the intended uses of the proceeds from the offering?
The proceeds will primarily be used for working capital and might also include debt repayment under current credit agreements.
Who is managing the underwriting process for this offering?
The underwriting process is being led by Craig-Hallum Capital Group as the sole book-running manager, with Roth Capital Partners acting as co-manager.
What opportunities do underwriters have with this offering?
Underwriters have the opportunity to purchase an additional 729,000 shares of common stock at the public offering price.
What sectors does Orion Group Holdings serve?
Orion Group Holdings operates within the infrastructure, industrial, and building sectors, with a strong emphasis on marine and concrete services.
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