Artesian Resources closes public offering of 695,650 shares at $50, netting $33M

ARTESIAN RESOURCES CORP

Sold 695,650 shares of Class A Non-Voting Common Stock at $50.00 per share.
Net proceeds of approximately $33.0 million after underwriting discounts and expenses.
Underwriter Janney Montgomery Scott has 30-day option for up to 104,348 additional shares.
Proceeds to be used for capital investment program and repayment of outstanding indebtedness.
Offering closed on May 23, 2023; shares trade on Nasdaq under ARTNA.

item 1.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ARTESIAN RESOURCES CORP entered into Underwriting Agreement with Janney Montgomery Scott LLC (effective 2023-05-19).

Action: entry
Agreement: underwriting
Counterparty: Janney Montgomery Scott LLC
Effective: 2023-05-19

Exact text from the filing

On May 19, 2023, Artesian Resources Corporation (the “Company”) entered into an Underwriting Agreement, dated as of May 19, 2023 (the “Underwriting Agreement”), with Janney Montgomery Scott LLC (the “Underwriter”) in connection with the issuance and sale of 695,650 shares of the Company’s Class A Non-Voting Common Stock, par value $1.00 per share (the “Class A Common Stock”) at a price to the public of $50 per share (the “Firm Shares”).

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ARTESIAN RESOURCES CORP filing history →

Source: SEC EDGAR

accession 0000863110-23-000024

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