Queensland Hydro picks contractors for 2-GW pumped storage project
Sep 18, 2024 6:05 CESTAustralian solar systems maker SolarJuice Co Ltd has more than halved the size of its planned initial public offering (IPO) in the US, now seeking to raise gross proceeds of up to USD 22.5 million (EUR 20.9m) at the top end of the targeted price range.
The Sydney-based firm will be placing some 3.75 million ordinary shares, down from the previously planned nine million units. In addition, some 562,500 more ordinary shares have been made available to cover potential overallotments, the updated prospectus showed on Thursday.
The targeted price range remains unchanged at between USD 4.00 and USD 6.00 apiece.
The revised filing with the Securities and Exchange Commission (SEC) also indicates lower interest on behalf of the previously disclosed cornerstone investors in the transaction.
Linton Crystal Technologies Corp, a maker of furnaces for producing monocrystalline ingots, and Hite Hedge Asset Management LLC, have each stated a non-binding interest to potentially buy up to USD 4 million in shares at the IPO price. The two had previously planned on possibly spending up to USD 10 million in the transaction.
SolarJuice has applied to list its units on Nasdaq under the trading symbol SJA.
The Australian firm originally filed for the IPO in September 2022. It kicked off the roadshow at the beginning of 2023 and revised the terms shortly thereafter. Following a months-long lack of updates in the prospectus, the company revived the listing process in September 2023 by publishing a new blank filing with the SEC.
(USD 1 = EUR 0.930)
Queensland Hydro picks contractors for 2-GW pumped storage project
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