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Charah Solutions Prices IPO Of 7.4 Mln Shares At $12/share

Charah Solutions, Inc., a provider of environmental and maintenance services to the power generation industry, announced late Wednesday the pricing of its initial public offering of 7.35 million shares of its common stock at $12 per share.

Of the total shares in the offering, Charah is offering 5.29 million shares and the selling stockholders are offering 2.06 million shares.

The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol "CHRA" on June 14.

In addition, the Selling Stockholders granted the underwriters a 30-day option to purchase up to an additional 1.10 million shares of Charah's common stock at the IPO price.

The offering is expected to close on June 18, subject to customary closing conditions.

From the offering, Charah expects to receive approximately $51.4 million of net proceeds, which will be used to repay borrowings outstanding under its term loan and for general corporate purposes.

Charah will not receive any of the proceeds from the sale of shares of Charah's common stock by the Selling Stockholders.

Morgan Stanley and BofA Merrill Lynch are acting as joint book-running managers for the offering.

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