Hammond Power Solutions Closes $65.5 Million Bought Deal Secondary Offering
Posted: Sep 27,2024
Investor Relations
GUELPH, Ontario, Sept. 27, 2024 -- Hammond Power Solutions Inc. (“HPS” or the “Company”) (TSX: HPS.A) announced today that Chair of Board, Mr. William G. Hammond, through a company he controls, closed the sale of 500,000 Class A Subordinate Voting Shares at a price of $131.00 (the “Offering”) for gross proceeds of approximately $65.5 million. Mr. Hammond intends to use the proceeds for diversification, estate planning and charitable giving purposes. The shares were sold pursuant to a bought deal with co-lead underwriters Acumen Capital Finance Partners Limited and Canaccord Genuity Corp. (together, the “Underwriters”), under which the Underwriters exercised their over-allotment option in full. The Company did not offer any Class A Subordinate Voting Shares in the Offering and did not receive any proceeds from the Offering.
ABOUT HAMMOND POWER SOLUTIONS INC.
Hammond Power Solutions Inc. (TSX: HPS.A) 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.