HOUSTON, May 3, 2022
/PRNewswire/ -- Orbital Energy Group, Inc. (Nasdaq: OEG) ("Orbital
Energy" or the "Company") today announced that it has closed its
previously announced registered direct offering with a single
institutional investor, to purchase 16,153,847 shares of the
Company's common stock (or common stock equivalents) at an
effective purchase price of $1.30 per
share and warrants to purchase 16,153,847 shares of its common
stock at an exercise price of $1.31
per share for gross proceeds of approximately $21.0 million. The warrants have a five-year term
and are exercisable six months following the date of issuance.
A.G.P./Alliance Global Partners acted as sole placement
agent for the offering.
This offering is being made pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-252682) previously
filed with the U.S. Securities and Exchange Commission (the "SEC")
under the Securities Act of 1933, as amended, which was declared
effective by the SEC on April 29,
2021. A final prospectus supplement describing the terms of
the proposed offering has been filed with the SEC and is available
on the SEC's website located at http://www.sec.gov. Electronic
copies of the prospectus supplement may be obtained, when
available, from A.G.P./Alliance Global Partners, 590 Madison
Avenue, 28th Floor, New York, NY
10022, or by telephone at (212) 624-2060, or by email at
prospectus@allianceg.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Orbital Energy
Group
Orbital Energy Group, Inc. (Nasdaq: OEG) is a diversified
infrastructure services platform, providing engineering, design,
construction, and maintenance services to customers in the electric
power, telecommunications, and renewable industries.
Orbital Energy Group is dedicated to maximizing shareholder
value, by striving to exceed our customers' expectations, building
a diverse workforce and making a positive difference in the lives
of our employees and the communities in which we operate, and
contributing to reducing the carbon footprint through the services
we provide.
For more information please visit:
www.orbitalenergygroup.com
Forward Looking
Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and Private
Securities Litigation Reform Act, as amended, including those
relating to the timing and completion of the proposed offering and
other statement that are predictive in nature. These statements may
be identified by the use of forward-looking expressions, including,
but not limited to, "expect," "anticipate," "intend," "plan,"
"believe," "estimate," "potential," "predict," "project," "should,"
"would" and similar expressions and the negatives of those terms.
These statements relate to future events and involve known and
unknown risks, uncertainties and other factors which may cause
actual results, performance or achievements to be materially
different from any results, performance or achievements expressed
or implied by the forward-looking statements. Such factors include
the risk factors set forth in the Company's filings with the SEC,
including, without limitation, its Annual Report on Form 10-K for
the year ended December 31, 2021.
Prospective investors are cautioned not to place undue reliance on
such forward-looking statements, which speak only as of the date of
this press release. Orbital undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future events or otherwise.
Investor Relations Contact
Three Part Advisors
John Beisler or Steven Hooser
817-310-8776
investors@orbitalenergygroup.com
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SOURCE Orbital Energy Group, Inc.