Columbus McKinnon Announces Closing of Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares
Columbus McKinnon Corporation (Nasdaq: CMCO) has successfully closed its public offering of 4,312,500 shares of common stock at $48.00 per share, raising approximately $207 million in gross proceeds. This includes the full exercise of underwriters' option for an additional 562,500 shares. J.P. Morgan led the offering, with Wells Fargo Securities and PNC Capital Markets as joint book-running managers. The offering was registered with the SEC and was made by means of an effective prospectus.
- Raised approximately $207 million in gross proceeds from the stock offering to support business initiatives.
- Increased investor interest evidenced by full exercise of underwriters' option for additional shares.
- Share dilution risk for existing shareholders due to the issuance of new shares.
Columbus McKinnon Corporation (Nasdaq: CMCO) (the “Company” or “Columbus McKinnon”), a leading designer and manufacturer of intelligent motion solutions for material handling, today announced the closing of its underwritten public offering of 4,312,500 shares of its common stock, which includes the full exercise of the underwriters’ option to purchase 562,500 additional shares of common stock, at a price of
J.P. Morgan acted as lead book-running manager. Wells Fargo Securities and PNC Capital Markets LLC acted as additional joint book-running managers for the offering.
A registration statement on Form S-1 relating to these securities has been filed with the Securities and Exchange Commission and was declared effective on April 29, 2021. The offering was made only by means of a prospectus forming part of the effective registration statement relating to the offering. Copies of the final prospectus may be obtained from:
J.P. Morgan
c/o Broadridge Financial Solutions
1155 Long Island Avenue, Edgewood, New York, 11717
Telephone: 1-866-803-9204
Email: prospectus-eg_fi@jpmchase.com;
-OR-
Wells Fargo Securities
500 West 33rd Street, New York, New York 10001
Telephone: 1-800-326-5897
Facsimile: 1-212-214-5918
Email: cmclientsupport@wellsfargo.com
Attention: Equity Syndicate Department
-OR-
PNC Capital Markets LLC
300 Fifth Ave, 10th Floor, Pittsburgh, Pennsylvania 15222
Telephone: 1-855-881-0697
Email: secsett@pnc.com
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, 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.
About Columbus McKinnon
Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of intelligent motion solutions that efficiently and ergonomically move, lift, position, and secure materials. Key products include hoists, crane components, precision conveyor systems, actuators, rigging tools, light rail workstations, and digital power and motion control systems. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know-how.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210504006101/en/
FAQ
What is the purpose of Columbus McKinnon's recent stock offering?
How many shares did Columbus McKinnon offer in the recent public offering?
What was the offering price per share for Columbus McKinnon's common stock?
Who were the lead managers for Columbus McKinnon's stock offering?
How will the stock offering affect CMCO shareholders?
