GreenHunter Energy pubic offering watch: GreenHunter Energy filed the latest amended prospectus with the U.S. Securities and Exchange Commission on May 18, 2012. The company will sell 600,000 shares of its 10% series C preferred stock in the public offering. The company is also registering 7,894,737 shares of common stock which may be issued as a result of the conversion of the Series C Preferred Stock. The company intends to trade its series C preferred stock on the on the NYSE Amex under the symbol “GRH.PR.C”. The company’s common stock is currently being listed on the NYSE Amex under the symbol “GRH.” The proposed maximum aggregate offering price is $15 million.
MLV & Co. LLC, and C. K. Cooper & Company are acting as the underwriters of the GreenHunter Energy’s IPO of series C preferred stock on a best efforts basis, which means that the underwriters are not required to sell any specific number or dollar amount of Series C Preferred Stock, but will use their best efforts to sell the Series C Preferred Stock offered. MLV and CKCC will get cash commissions equal to 6.5% of the gross proceeds in the GreenHunter Energy’s IPO of series C preferred stock
The net proceeds received from the the GreenHunter Energy’s IPO of series C preferred stock will be used for capital expenditures, working capital, acquisitions, directly or indirectly, of salt water disposal facilities, repayment or refinancing of indebtedness, investments in our subsidiaries, or general corporate purposes.
The company will not redeem the Series C Preferred Stock prior to June 30, 2015.
GreenHunter Energy pubic offering