ORIX to sell 3.75M shares of Ormat common at $90 each in secondary offering

ORMAT TECHNOLOGIES, INC.

ORIX sells 3,750,000 shares at $90/share; underwriters have 30-day option for 562,500 more.
Ormat receives no proceeds; all shares sold by ORIX; offering closes ~Nov 21, 2022.
ORIX enters 180-day lock-up; amendment to registration rights agreement filed with SEC.
Company must file shelf registration or supplement to facilitate ORIX resales after lock-up.
ORIX can request underwritten takedowns of at least $100M; two demand rights, third if company participates.

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

ORMAT TECHNOLOGIES, INC. entered into Underwriting Agreement with BofA Securities, Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters listed therein and ORIX Corporation (effective 2022-11-16).

Action: entry
Agreement: underwriting
Counterparty: BofA Securities, Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters listed therein and ORIX Corporation
Effective: 2022-11-16

Exact text from the filing

On November 16, 2022, Ormat Technologies, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters listed therein (the “Underwriters”) and ORIX Corporation (“ORIX”) in connection with a public underwritten offering (the “Offering”), pursuant to which ORIX agreed to sell 3,750,000 shares (the “Underwritten Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at an offering price of $90.00 per share.

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ORMAT TECHNOLOGIES, INC. filing history →

Source: SEC EDGAR

accession 0001213900-22-073827

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