Hammond Power Solutions Announces $56,957,490 Bought Deal Secondary Offering of Class A Subordinate Voting Shares
Posted: Sep 24,2024
Investor Relations
September 24, 2024 – Guelph, Ontario – Hammond Power Solutions Inc. (TSX: HPS.A) (the "Company" or "HPS") and 1000925271 Ontario Inc., a wholly-owned subsidiary of Arathorn Investments Inc., (the “Selling Shareholder”) announced today that they have entered into an agreement with Acumen Capital Finance Partners Limited and Canaccord Genuity Corp. (the "Co-Lead Underwriters"), pursuant to which the Co-Lead Underwriters have agreed to purchase, on a bought deal basis, 434,790 Class A Subordinate Voting Shares (the "Offered Shares") from the Selling Shareholder at a price of $131.00 per Offered Share for gross proceeds to the Selling Shareholder of approximately $56,957,490 (the "Offering"). HPS will not receive any proceeds from the Offering.
About Hammond Power Solutions Inc.
HPS enables electrification through its broad range of dry-type transformers, power quality products and related magnetics. HPS’ standard and custom-designed products are essential and ubiquitous in electrical distribution networks through an extensive range of end-user applications. The Company has manufacturing plants in Canada, the United States (U.S.), Mexico and India and sells its products around the globe. HPS shares are listed on the Toronto Stock Exchange and trade under the symbol HPS.A.