Infrastructure and Energy Alternatives, Inc. Announces Closing of $50 Million Equity Transaction
Infrastructure and Energy Alternatives, Inc. (IEA)
Last infrastructure and energy alternatives, inc. earnings: 3/10 05:25 pm
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Source: GlobeNewswire
INDIANAPOLIS, May 20, 2019 (GLOBE NEWSWIRE) -- Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with specialized energy and heavy civil expertise, today announced that it has successfully completed the previously announced $50 million equity transaction (“Equity Transaction”) with a fund managed by the Private Equity Group of Ares Management Corporation (NYSE: ARES), a leading global alternative asset manager, and funds managed by Oaktree Capital Management, L.P. (“Oaktree”). Under the terms of the transaction, the funds have purchased $50 million of newly created Series B Preferred Stock from the Company and have received initial warrants with an exercise price of $.01 per share for the purchase of up to 2,545,934 million shares of the Company’s common stock, with the opportunity to obtain warrants for up to an additional 6% of the Company’s fully diluted common stock outstanding in the event that th
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