Global Water Resources Inc (NASDAQ:GWRS) announced a public offering of common stock.
The Phoenix-based water resources company revealed Thursday the underwritten public offering of 870,000 shares of its common stock at a price to the public of $12.50 per share. All of the shares are being sold by the company.
The gross proceeds to the company from the offering are expected to be approximately $10.9 million. The offering is expected to close around Tuesday subject to customary closing conditions.
In addition, the company has granted the underwriter for the offering a 30-day option to purchase up to an additional 130,000 shares of its common stock at the public offering price, less underwriting discounts and commissions.
The company anticipates using the net proceeds from the offering to fund acquisitions and for working capital and other general corporate purposes.
Late in December, the company declared a monthly cash dividend in the amount of $0.0241 per common share (an annualized amount of $0.2892 per share), which will be payable on January 31, to holders of record at the close of business on Friday
The company owns and operates 12 utility companies which provide water, wastewater, and recycled water services. The company’s service areas are located primarily in growth corridors around metropolitan Phoenix. The company recycles nearly one billion gallons of water annually.
GWRS fell 1.59 cents to $12.80
