Business
Middlesex Water Company Announces Closing of Its Common Stock Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares
ISELIN, N.J., Nov. 22, 2019 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX), a provider of regulated and unregulated
About this update from Middlesex Water Company
[{"type":"text","content":"ISELIN, N.J., Nov. 22, 2019 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX), a provider of regulated and unregulated water and wastewater utility services, today announced the closing of its previously-announced public offering of 760,330 shares of its common stock at a price to the public of $60.50 per share, which included the exercise in full by the underwriters of their option to purchase additional shares of common stock on the same terms and conditions. The net proceeds to Middlesex from the offering, after deducting the underwriting discounts and commissions and other offering expenses, are approximately $43.8 million.\n Middlesex intends to use the net proceeds from the offering for general corporate purposes, including paying down short-term borrowings, completing acquisitions and funding initiatives. Baird acted as sole active book-running manager for the offering. Janney Montgomery Scott acted as joint book-running manager for the offering. Boenning & Scattergood served as lead manager for the offering. The offering was made by means of a prospectus supplement and an accompanying prospectus. A prospectus supplement relating to the offering has been filed with the SEC. Copies of the prospectus supplement and the accompanying prospectus may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov or from: Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 East Wisconsin Avenue, Milwaukee, WI 53202, by telephone at (800) 792-2473, or by email at [email protected]; or Janney Montgomery Scott LLC, Attention: Equity Capital Markets Group, 60 State Street, Boston, MA 02109 or by email at [email protected]. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any 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 MIDDLESEX WATER COMPANY Organized in 1897, Middlesex provides regulated and unregulated water and wastewater utility services primarily in New Jersey and Delaware through various subsidiary companies. CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements wit...