HIGHLANDS RANCH, Colo., Nov. 15, 2013 (GLOBE NEWSWIRE) -- Advanced Emissions Solutions, Inc. (Nasdaq:ADES) (the "Company") today announced that it has priced an underwritten public offering of 600,000 shares of its common stock at a price to the public of $45.00 per share for gross proceeds of $27 million. The net proceeds from the sale of the shares, after deducting the underwriters' discounts and other estimated offering expenses payable by us, will be approximately $25 million. The Company has also granted the underwriters a 30-day option to purchase up to an additional 90,000 shares of common stock offered in the public offering to cover over-allotments, if any, which would result in additional net proceeds, after deducting the underwriters' discounts and other estimated offering expenses payable by us, of approximately $3.8 million if exercised in full.
The Company intends to use the proceeds from this offering for general working capital and corporate purposes, to partially execute against its increasing Emissions Control backlog (which was $56.6 million on September 30, 2013), and to allow it to take advantage of growth opportunities. The offering is expected to close on or about November 20, 2013, subject to the satisfaction of customary closing conditions.
Cowen and Company, LLC is acting as the sole book-running manager, Needham & Company LLC, Lake Street Capital Markets LLC, and Northland Capital Markets are co-managers of the offering.A shelf registration statement relating to the above-described securities was previously filed and declared effective by the Securities and Exchange Commission. A preliminary prospectus supplement related to the offering was filed with the Securities and Exchange Commission on November 14, 2013 and forms a part of the effective registration statement. Copies of the preliminary prospectus supplement and accompanying base prospectus, and when available, the final prospectus supplement, related to this offering may be obtained from the Securities and Exchange Commission's website at http://www.sec.gov . Electronic copies of the preliminary prospectus supplement and accompanying base prospectus, and when available, the final prospectus supplement, related to this offering may also be obtained from Cowen and Company, LLC (c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, Phone: 631-274-2806, Fax: 631-254-7140). Before you invest, you should read the preliminary prospectus supplement, the final prospectus supplement and the accompanying base prospectus in the registration statement and other related documents incorporated by reference therein. This press release does not constitute an offer to sell or the solicitation of offers to buy any securities of the Company, and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.