Solaris Energy Infrastructure Prices Common Stock Offering; Shares Up

MT Newswires Live12-10

Solaris Energy Infrastructure (SEI) said Tuesday it priced its underwritten public offering of 6.5 million class A common shares at $24.75 per share for total net proceeds of about $156 million.

The company said that in connection with the offering, a selling stockholder, Yorktown Energy Partners X, gave the underwriters a 30-day option to buy up to 975,000 more shares on the same terms and conditions. The company will not get any proceeds from the sale of shares offered by Yorktown.

Solaris plans to contribute all of the net proceeds to Solaris Energy Infrastructure LLC in exchange for Solaris LLC membership units equal to the number of class A common shares issued in the offering, which is expected to close Wednesday.

Solaris LLC will use the net proceeds for additional power generation equipment, including new natural gas turbines and complementary "balance of plant" electrical equipment, the company said.

The company's shares were up nearly 15% in recent Tuesday trading.

Price: 29.57, Change: +3.82, Percent Change: +14.83

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