Tuesday, Fushi Copperweld Inc. (FSIN) commenced an underwritten public follow-on offering of 5 million shares of its common stock. In connection with this offering, the company has granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock to cover over-allotments, if any.
The company intends to use the net proceeds from the offering to repay indebtedness and for working capital and other general corporate purposes, which may include, among other things, the expansion of existing capacity and potential acquisitions. Jefferies & Co. Inc. is acting as sole book-running manager for the offering. Roth Capital Partners, LLC will serve as co-lead manager. Rodman & Renshaw, LLC will serve as co-manager.
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