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March 21 (Renewables Now) - Israel-based inverter supplier SolarEdge Technologies Inc (NASDAQ:SEDG) is looking to raise total gross proceeds of USD 590 million (EUR 534m) through the issuance of common stock.
The company on Thursday priced the planned offering of 2 million shares at USD 295.00 apiece. It has granted a 30-day option to the underwriters so they can purchase up to an additional 300,000 shares of its common stock at the same price. If the option is exercised in full, this will add USD 88.5 million to the total sum raised.
SolarEdge plans to use the proceeds for general corporate purposes, which may include acquisitions, it said, noting that it does not already have any such deals in place.
The transaction is seen to be settled on March 22, 2022. Goldman Sachs & Co LLC, JP Morgan Securities LLC and Morgan Stanley & Co LLC serve as joint book-running managers for the offering and as the representatives of the underwriters.
(USD 1.0 = EUR 0.905)