Perma-Fix Environmental Services, Inc.(PESI), Wednesday announced the pricing of its previously mentioned public offering of 2.2 million shares of its common stock at $10.00 per share. The offering is expected to close on or about December 19.
The company intends to use the net proceeds to fund further research and development, and business growth related to its patent-pending Perma-FAS process for destroying PFAS, including the cost of setting up at least a second-generation treatment unit. It is expected to be used to cover ongoing facility maintenance and upgrades.
Perma-Fix expects to raise about $22 million from the offering before deducting the underwriting fees and other estimated offering expenses. The company has also given the underwriter a 30-day option to buy up to 0.33 million more shares at the offering price, minus the underwriting fees.
Wednesday, in the pre-market trading, PESI is 0.65 cents or 5.715 less at $10.73 on the Nasdaq.
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