HOUSTON, TX - Houston-based publicly traded company Orbital Energy Group recently announced the closing of the registered direct offering. At a price of $3.65 per share, Orbital Energy Group sold 10,410,959 shares of its common stock for gross profits to the Company of $38 million, before deducting commissions and estimated offering expenses.
For the offering, Alliance Global Partners acted as the only placement agent.
The Orbital Energy Group is a publicly traded company that specializes in the acquisition and development of innovative companies to form a diversified energy infrastructure services platform. It's customers are spread out in the United State and United Kingdom.
Jim O'Neil, the CEO and vice-chairman of Orbital, said that this cash infusion will be used to enhance the growth and development of their new telecommunications subsidiary, Gibson Technical Services, along with Orbital Power Services and their new foundation division, Eclipse, and to fund mobilization costs associated with upcoming large solar projects at Orbital Solar Services.
O'Neil also added, "All-in-all, this financing is a very positive development for our Company, our customers, our employees, and our shareholders."
The securities were provided according to an effective shelf registration statement on Form S-3 previously filed with the U.S. Securities and Exchange Commission or the SEC. A prospectus supplement and accompanying prospectus related to the offering have been filed with the SEC and are available for free on the SEC's website.
Orbital Energy has a group of businesses that consists of Orbital Power Services, Orbital Solar Services, Orbital Telecom Services and Orbital Gas Systems. Orbital Power Services is an emerging leader in the electrical utility sector that provides services for construction and maintenance of high voltage transmission, substation, distribution, and storm response. Orbital Solar Services provides quality construction and project management services.
Orbital Telecom Services has locations spread out across the nation equipped to effectively support multi-vendor OEM technology environments and outside plant construction operations on an as-needed basis. Each of these branches maintain field installation and testing equipment relevant to support both wired and wireless networks.
Orbital Gas Systems is the leader in innovative gas solutions, with more than 30 years of experience in design, installation, and the commissioning of industrial gas sampling, measurement, and delivery systems.
Further information about Orbital Energy Group is available at www.orbitalenergygroup.com.
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