Queensland Hydro picks contractors for 2-GW pumped storage project
Sep 18, 2024 6:05 CESTAustralian solar systems maker SolarJuice Co Ltd has set the new terms for its planned initial public offering (IPO) in the US, targeting gross proceeds of up to USD 54 million (EUR 49.1m) which will be used to expand its business both at home and abroad.
SolarJuice, which has applied to list its units on Nasdaq under the trading symbol SJA, will be selling nine million ordinary shares in the transaction, with some 1.35 million more units provided to cover potential overallotments.
The price range set for the offering is between USD 4.00 and USD 6.00 per share, the updated prospectus shows.
Linton Crystal Technologies Corp, a maker of furnaces for producing monocrystalline ingots, and Hite Hedge Asset Management LLC, have indicated a non-binding interest in spending a total of up to USD 10 million to buy shares in the transaction under the IPO terms.
The Sydney-based firm intends to use the majority of the proceeds from the IPO to expand the capacity of its US factory for solar modules and solar cells as well as to enhance its distribution business in Australia and other countries. The remainder will go for research and development (R&D) and other general corporate purposes.
Maxim Group and Freedom Capital Market are the underwriters hired for the IPO.
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 about two months ago by publishing a new blank filing with the Securities and Exchange Commission (SEC).
(USD 1 = EUR 0.909)
Queensland Hydro picks contractors for 2-GW pumped storage project
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