Acorn Energy, Inc. Prices Underwritten Public Offering of Common Stock
WILMINGTON, Del., Oct. 11, 2013
WILMINGTON, Del., Oct. 11, 2013 /PRNewswire/ -- Acorn Energy, Inc. (NASDAQ:
ACFN) today announced the pricing of a $10,000,000 underwritten public
offering of 3,508,771 shares of its common stock, at a price of $2.85 per
share. The Company has also granted to the underwriters a 45-day option to
acquire an additional 526,316 shares to cover overallotments, if any, in
connection with the offering. After the underwriting discount and estimated
offering expenses payable by the Company, the Company expects to receive net
proceeds of approximately $9,018,000 assuming no exercise of the overallotment
option. The offering is expected to close on October 17, 2013, subject to
customary closing conditions. Maxim Group LLC is acting as the Sole Book
Running Manager and lead managing underwriter for the offering. Chardan
Capital Markets and National Securities Corporation, a wholly owned subsidiary
of National Holdings, Inc. (OTCBB: NHLD) are acting as Co-Managers for the
Acorn intends to use the net proceeds from the offering to provide working
capital for the development of its US Seismic Systems, Inc. subsidiary and
for other general corporate purposes. The shares described above are being
offered by Acorn Energy, Inc. pursuant to a shelf registration statement on
Form S-3, including a base prospectus, and a preliminary prospectus supplement
filed with the Securities and Exchange Commission ("SEC") and available on the
SEC's website at http://www.sec.gov.
Before you invest in this public offering, you should read the base prospectus
in that registration statement and the related prospectus supplement and
other documents that the Company has filed or will file with the SEC for more
complete information about the issuer and the public offering. You may get
these documents for free by visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, you may obtain a preliminary prospectus supplement and
accompanying prospectus as indicated below.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy any of the securities described herein, nor shall there be
any sale of these 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. Copies of the
prospectus supplement and the related base prospectus relating to this
offering may be obtained from Maxim Group LLC 405 Lexington Avenue, New York,
NY 10174, (800) 724-0761.
About Acorn Energy, Inc.
Acorn Energy, Inc. is a holding company whose four portfolio companies help
their customers achieve greater productivity, reliability, security, and
efficiency - factors which can lead to greater profitability. GridSense
provides monitoring for all critical points along the electricity delivery
system. OmniMetrix remotely monitors emergency back-up power generation
systems to increase their reliability. US Seismic supplies fiber optic sensing
solutions to increase oil/gas production and lower costs. DSIT provides
security solutions from underwater threats to naval and marine based energy
assets. For more information visit:http://www.acornenergy.com.
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to
risks and uncertainties. There is no assurance that the closing of the
offering contemplated in this release shall occur. There is no assurance that
Acorn Energy, Inc. or its operating companies will continue to grow their
respective businesses, or that any of them will meet the expectations or
execute the initiatives described or referred to above. A complete discussion
of the risks and uncertainties which may affect Acorn Energy's business
generally and the businesses of its subsidiaries is included under "Risk
Factors" in the Company's prospectus supplement filed in connection with the
offering as filed by the Company with the Securities and Exchange Commission.
INVESTOR & PRESS CONTACT:
F. Kent Leacock, V.P. External Affairs
Acorn Energy, Inc.
SOURCE Acorn Energy Inc.
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