SG Blocks Announces Pricing of $15 Million Public Offering of Common Stock
May 06 2020 - 7:23PM
Business Wire
SG Blocks, Inc. (NASDAQ: SGBX), a leading designer, fabricator
and innovator of container-based structures, today announced the
pricing of an underwritten public offering of 6,000,000 shares of
common stock at an offering price of $2.50 per share for aggregate
gross proceeds of $15,000,000, prior to deducting underwriting
discounts, commissions and other offering expenses. SG Blocks, Inc.
has granted the underwriters a 45-day option to purchase up to an
additional 900,000 shares of common stock to cover over-allotments
if any. The offering is expected to close on or about May 11, 2020,
subject to the satisfaction of customary closing conditions.
SG Blocks, Inc., intends to use the net proceeds from the
proposed offering for working capital and general corporate
purposes and engaging in acquisitions or other business
combinations or investments, sales and marketing activities,
general and administrative matters and capital expenditures.
ThinkEquity, a division of Fordham Financial Management, Inc.,
is acting as sole book-running manager for the offering.
This offering is being made pursuant to a registration statement
on Form S-1 (No. 333-237682) previously filed with the U.S.
Securities and Exchange Commission (the “SEC”) and subsequently
declared effective on May 6, 2020. A preliminary prospectus
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. A final prospectus related to the proposed
offering will be filed and made available on the SEC’s website.
Electronic copies of the final prospectus may be obtained, when
available, from ThinkEquity, a division of Fordham Financial
Management, Inc., 17 State Street, 22nd Floor, New York, New York
10004, Telephone: (877) 436-3673; Email:
prospectus@think-equity.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, 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.
Safe Harbor
This press release contains forward-looking statements regarding
the public offering and the intended use of proceeds from the
offering. The closing of the offering is subject to the
satisfaction of customary closing conditions. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause actual results to differ materially,
including those risks disclosed in under the caption “Risk Factors”
in the Registration Statement and preliminary prospectus related to
the offering and our Annual Report on Form 10-K filed with the SEC
on March 30, 2020, Form 10-K/A filed with the SEC on April 15, 2020
and our other filings with the SEC. SG Blocks, Inc. cautions
readers not to place undue reliance on any forward-looking
statements and it does not undertake, and specifically disclaims
any obligation, to update or revise such statements to reflect new
circumstances or unanticipated events as they occur.
About SG Blocks, Inc.
SG Blocks, Inc. is a premier innovator in advancing and
promoting the use of code-engineered cargo shipping containers for
safe and sustainable construction. The firm offers a product that
exceeds many standard building code requirements, and also supports
developers, architects, builders and owners in achieving greener
construction, faster execution, and stronger buildings of higher
value. Each project starts with GreenSteel™, the structural core
and shell of an SG Blocks building, and then customized to client
specifications. For more information, visit www.sgblocks.com.
Forward-Looking Statements
Certain statements in this press release constitute
"forward-looking statements" within the meaning of the federal
securities laws. Words such as "may," "might," "will," "should,"
"believe," "expect," "anticipate," "estimate," "continue,"
"predict," "forecast," "project," "plan," "intend" or similar
expressions, or statements regarding intent, belief, or current
expectations, are forward-looking statements. These forward-looking
statements are based upon current estimates and assumptions and
include statements regarding the completion of the offering and use
of proceeds. While SG Blocks believes these forward-looking
statements are reasonable, undue reliance should not be placed on
any such forward-looking statements, which are based on information
available to us on the date of this release. These forward-looking
statements are subject to various risks and uncertainties,
including without limitation those set forth in SG Blocks' filings
with the Securities and Exchange Commission. Thus, actual results
could be materially different. SG Blocks expressly disclaims any
obligation to update or alter statements whether as a result of new
information, future events or otherwise, except as required by
law.
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Media
Rubenstein Public Relations Christina Levin Account Director
(212) 805-3029 clevin@rubensteinpr.com
or
Investor Relations
James Carbonara Hayden IR (646) 755-7412 james@haydenir.com
Brett Maas Hayden IR (646) 536-7331 brett@haydenir.com
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