6,000,000 Shares to be Issued at $2.50 Per Share
PEARL RIVER, N.Y.--(BUSINESS WIRE)--
Hudson Technologies, Inc. (NASDAQ:HDSN), announced today the
pricing of its previously announced underwritten public offering of
6,000,000 shares of its common stock at a purchase price of $2.50 per
share. The gross proceeds to Hudson Technologies from this offering are
expected to be approximately $15,000,000(assuming no exercise of
the Underwriters’ over-allotment option), before deducting underwriting
discounts and estimated offering expenses. Hudson Technologies has
granted the underwriters a 30-day option to purchase up to an aggregate
of 900,000 additional shares of common stock to cover over-allotments,
if any. The offering is expected to close on or about June 11, 2014,
subject to customary closing conditions.
Hudson Technologies intends to use the net proceeds from this offering
for working capital and general corporate purposes which may include,
among other things, funding acquisitions, although the Company has no
present commitments or agreements with respect to any such transactions.
Hudson Technologies may also use a portion of the proceeds to reduce or
repay indebtedness under its loan agreement with its existing commercial
In connection with the offering, William Blair & Company, L.L.C. acted
as the sole book-running manager. Craig-Hallum Capital Group LLC and
Roth Capital Partners acted as co-managers for the offering.
A shelf registration statement relating to the shares of common stock to
be issued in the offering has been filed with the Securities and
Exchange Commission (“SEC”) and is effective. A preliminary prospectus
supplement relating to the offering has been filed with the SEC and a
final prospectus supplement relating to the offering will be filed with
the SEC. When available, copies of the final prospectus supplement and
accompanying prospectus relating to the offering may be obtained by
contacting William Blair & Company, L.L.C. at 222 West Adams Street,
Chicago, IL 60606, Attention: Prospectus Department, by telephone at
(800) 621-0687, or by email at email@example.com.
Electronic copies of the final prospectus supplement and accompanying
prospectus will also be available on the SEC website athttp://www.sec.gov.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, these securities, nor shall there be
any sale of these securities in any state or other jurisdiction in which
such offer, solicitation or sale is not permitted.
About Hudson Technologies
Hudson Technologies, Inc. is a leading provider of innovative solutions
to recurring problems within the refrigeration industry. Hudson's
proprietary RefrigerantSide® Services increase operating
efficiency and energy savings, and remove moisture, oils and other
contaminants frequently found in the refrigeration circuits of large
comfort cooling and process refrigeration systems. Performed at a
customer's site as an integral part of an effective scheduled
maintenance program or in response to emergencies, RefrigerantSide®
Services offer significant savings to customers due to their ability to
be completed rapidly and at higher purity levels, and can be utilized
while the customer's system continues to operate. In addition, the
Company sells refrigerants and provides traditional reclamation services
to the commercial and industrial air conditioning and refrigeration
markets. For further information on Hudson Technologies, please visit
the Company's web site at www.hudsontech.com.
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995
This news release contains certain forward-looking statements that
involve risks and uncertainties, including, without limitation,
statements regarding the completion, timing and size of the public
offering, the Underwriters’ exercise of the over-allotment option,
Hudson Technologies’ anticipated proceeds from the offering and its use
of those proceeds. Actual results or developments may differ materially
from those projected or implied in these forward-looking statements.
Factors that may cause such a difference include, without limitation,
risks and uncertainties related to market conditions and the
satisfaction of customary closing conditions related to the public
offering. There can be no assurance that Hudson Technologies will be
able to complete the public offering on the anticipated terms, or at all.
Additional risks and uncertainties faced by the Company are contained
from time to time in the Company’s filings with the SEC, including, but
not limited to, the Company’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2013 and its subsequent quarterly reports on
Form 10-Q and current reports on Form 8-K, which you may obtain for free
on the SEC’s website at http://www.sec.gov.
Collectively, these risks and uncertainties could cause the Company’s
actual results to differ materially from those projected in the
forward-looking statements contained herein and you are cautioned not to
place undue reliance on these forward-looking statements, which speak
only as of the date hereof. The Company disclaims any intention or
obligation to update, amend or clarify these forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
Institutional Marketing Services (IMS)
Brian F. Coleman, President & COO
Source: Hudson Technologies, Inc.