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HQ Sustainable Raises $1.5 million by Over-Allotment

by 5m Editor
7 July 2009, at 1:00am

GENERAL - HQ Sustainable Maritime Industries has announced that its underwriter exercised an over-allotment option to purchase an additional 183,750 shares of its common stock, raising an additional $1.5 million in gross proceeds.

HQS granted the option to the underwriter in connection with its previously announced public offering of 1,225,000 shares at a public offering price of $8.50 per share, which it closed on June 17, 2009, raising $10.4 million in gross proceeds, prior to deducting underwriting discounts and commissions and offering expenses payable by the Company.

The Company expects to use all offering proceeds for general corporate purposes, including investments in long-term assets to complete its integration objectives.

5m Editor