PowerSecure Announces Closing Of Public Offering Of Common Stock

PowerSecure International, Inc. (Nasdaq:POWR), a leading provider of utility and energy technologies to electric utilities and their industrial, institutional and commercial customers, announced today that the previously announced public offering, in which the company sold 2,300,000 shares of common stock at a price of $16.00 per share, has closed. The company also granted the underwriters a 30-day option to purchase up to 345,000 additional shares of common stock at the same price per share to cover any over-allotments.

The company received net proceeds from the offering of approximately $34,420,000 after deducting the underwriting discount and estimated expenses of the offering, before any exercise of the over-allotment option.

The company intends to use the net proceeds from the sale of its shares in this offering for general corporate purposes, including but not limited to working capital, capital expenditures, acquisitions, repurchases of outstanding shares and other business opportunities. The company has not determined the amount of net proceeds to be used specifically for the foregoing purposes. Accordingly, the company will have broad discretion in the application of any proceeds from the sale of securities offered in this offering. Pending any specific application of the net proceeds from this offering, the company intends to invest such net proceeds in short-term marketable securities.

Additionally, concurrently with this offering, the company announced the closing of the offering by Sidney Hinton, PowerSecure’s president and chief executive officer, of 200,000 shares of PowerSecure common stock in an underwritten offering at the same price and on the same terms as the public offering. PowerSecure did not receive any proceeds from the sale of the shares of common stock offered by the selling stockholder.

Robert W. Baird & Co. Incorporated was the sole book-running manager for the offering. Craig-Hallum Capital Group, Roth Capital Partners, Lake Street Capital Markets and Maxim Group and acted as co-managers in the offering.

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