Acorn Energy, Inc. Closes Underwriters' Full Exercise of Over-Allotment Option
WILMINGTON, Del., Oct. 23, 2013
WILMINGTON, Del., Oct. 23, 2013 /PRNewswire/ --Acorn Energy, Inc. ("Acorn")
(NASDAQ: "ACFN" or the "Company"), the digital energy focused holding company
whose four energy technology portfolio companies operate at the convergence of
IT and traditional energy, today announced the closing of the full exercise of
the over-allotment option granted to the underwriters to purchase an
additional 526,316 shares of its common stock at a public offering price of
$2.85 per share in connection with its previously announced public offering of
shares of common stock (the "Offering"), bringing the total gross proceeds of
the Offering to approximately $11.5 million. Including the exercise of the
over-allotment option, the Company received total net proceeds from the
Offering of approximately $10.4 million after deducting discounts and
commissions to the underwriters and estimated offering expenses. The
Company's common stock is listed on the Nasdaq Global Market under the symbol
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.
Maxim Group LLC acted 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)
acted as Co-Managers for the offering.
The offering was made pursuant to a shelf registration statement on Form S-3,
including a base prospectus and a prospectus supplement, filed with the
Securities and Exchange Commission ("SEC"). A copy of the final prospectus
supplement related to the offering has been filed with the SEC and is
available on the SEC's website located at http://www.sec.gov. Alternatively, a
copy of the prospectus supplement and related base prospectus may be obtained
from Maxim Group LLC at 405 Lexington Ave, New York, New York 10174,
(800)-724-0761. This press release shall not constitute an offer to sell nor
the solicitation of an offer to buy 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 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 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
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