SG Blocks Announces Closing of $15 Million Public Offering of Common Stock
May 11 2020 - 4:05PM
Business Wire
SG Blocks, Inc. (NASDAQ:SGBX), a leading designer, fabricator
and innovator of container-based structures, today announced the
closing of its previously announced 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 closed on May
11, 2020.
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 final prospectus related to
the offering has been filed with the SEC and is available on the
SEC’s website. Electronic copies of the final prospectus may also
be obtained 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. 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 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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version on businesswire.com: https://www.businesswire.com/news/home/20200511005807/en/
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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