Hudson Technologies Inc. (NASDAQ: HDSN) saw its shares fall on Monday after the company announced a secondary offering of its common stock. The company said that it intends to offering up to $45 million in shares, along with some selling shareholders offering up to $4 million of common stock. There were no pricing details mentioned in the filing. Hudson also expects to grant underwriters an overallotment option for an additional 15% of shares of common stock offered in the public offering.
The underwriters for the offering are William Blair, Craig-Hallum Capital Group, Roth Capital Partners, and B. Riley.
This company is a leading provider of innovative solutions to recurring problems within the refrigeration industry. Hudson Technologies’ proprietary RefrigerantSide Services increase operating efficiency and energy savings, and remove moisture, oils and other contaminants frequently found in the refrigeration circuits of large comfort cooling and process refrigeration systems.
[nativounit]
Additionally, Hudson Technologies sells refrigerants and provides traditional reclamation services to the commercial and industrial air conditioning and refrigeration markets.
The company intends to use the net proceeds from this offering for working capital and general corporate purposes which may include, among other things, funding acquisitions, although the Company has no present commitments or agreements with respect to any such transactions. Hudson Technologies may also use a portion of the proceeds to reduce or repay indebtedness under its loan agreement with its existing commercial lender.
Shares of Huson Technologies were last trading down about 14% at $6.86, with a consensus analyst price target of $8.67 and a 52-week trading range of $2.64 to $8.50.
[wallst_email_signup]
Top Gaining Stocks
Top Losing Stocks