By Chris Wack
Capstone Green Energy Corp. shares were down 22% to $5.74 after the company said it would increase the size of its previously announced public offering.
The company said the underwriter has agreed to purchase 1.9 million common shares at $5.25 a share, up from 952,000 shares.
The closing of the offering is expected on or about June 22.
The company has also granted to the underwriter a 30-day option to purchase up to an additional 286,000 shares at the public offering price.
The proceeds of the offering are expected to be $10 million. Capstone intends to use the proceeds from the offering for working capital, general corporate purposes and growth initiatives, including organic growth and potential future acquisitions.
The stock hit its 52-week high of $15.28 on Jan. 7.
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