Infrastructure and Energy Alternatives, Inc. Announces Proposed Public Offering of Common Stock and Pre-Funded Warrants

Rhea-AI Summary

Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) announced its intention to conduct an underwritten public offering of common stock and pre-funded warrants. IEA plans to grant underwriters a 30-day option for an additional 15% of shares. The offering's completion is subject to market conditions. The net proceeds will be utilized to redeem part of its outstanding Series B Preferred Stock and cover the redemption premium. Guggenheim Securities is the book-running manager for this offering.

Positive

• Planned redemption of Series B Preferred Stock may improve financial health.
• Offering could strengthen capital structure.

Negative

• Dilution of existing shareholders due to new share issuance.
• No assurance on the offering's completion or specific terms.

INDIANAPOLIS, July 28, 2021 (GLOBE NEWSWIRE) -- Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), today announced that it intends to offer and sell shares of common stock and, to certain investors in lieu thereof, pre-funded warrants to purchase shares of common stock, in an underwritten public offering. As part of the proposed offering, IEA expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the aggregate number of shares of common stock and the shares of common stock underlying any pre-funded warrants that are sold in the offering, at the public offering price less the underwriting discounts and commissions. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. All of the securities in the offering are being sold by IEA.

IEA intends to use the net proceeds from the offering to redeem a portion of its outstanding Series B Preferred Stock and pay the associated redemption premium as described in the preliminary prospectus supplement relating to the offering.

Guggenheim Securities, LLC is acting as book-running manager and representative of the underwriters for the offering. BMO Capital Markets Corp., CIBC World Markets Corp. and Fifth Third Securities, Inc. are acting as joint book-runners for the offering.

The securities being offered in the offering will be offered by IEA pursuant to a shelf registration statement on Form S-3 (No. 333-251148), including a base prospectus, previously filed with and declared effective by the Securities and Exchange Commission (the “SEC”). The securities will be offered only by means of a prospectus. A preliminary prospectus supplement relating to and describing the terms of the offering and a final prospectus supplement relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the securities being offered may also be obtained by contacting Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, New York 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About IEA

Infrastructure and Energy Alternatives, Inc. is a leading infrastructure construction company with renewable energy and specialty civil expertise. Headquartered in Indianapolis, Indiana, with operations throughout the country, IEA’s service offering spans the entire construction process. IEA offers a full spectrum of delivery models including full engineering, procurement, and construction, turnkey, design-build, balance of plant, and subcontracting services. IEA is one of the larger providers in the renewable energy industry and has completed more than 240 utility scale wind and solar projects across North America. In the heavy-civil space, IEA offers a number of specialty services including environmental remediation, industrial maintenance, specialty transportation infrastructure and other site development for public and private projects. For more information, please visit IEA’s website at www.iea.net or follow IEA on Facebook, LinkedIn and Twitter for the latest IEA news and events.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as “anticipate,” “expect,” “could,” “may,” “intend,” “plan” and “believe,” among others, generally identify forward-looking statements. These forward-looking statements may include, but are not limited to, statements regarding the offering, such as the timing of the offering and the intended use of net proceeds from the offering. These forward-looking statements are based on currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A variety of factors, many of which are beyond our control, could cause actual future results or events to differ materially from those projected in the forward-looking statements in this release. For a full description of the risks and uncertainties which could cause actual results to differ from our forward-looking statements, please refer to IEA’s periodic filings with the SEC including those described as “Risk Factors” in IEA’s annual report on Form 10-K filed on March 8, 2021 and any quarterly reports on Form 10-Q filed thereafter. IEA does not undertake any obligation to update forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contacts:
Peter J. Moerbeek Chief Financial Officer Pete.Moerbeek@iea.net 765-828-2568	Kimberly Esterkin ADDO Investor Relations iea@addo.com 310-829-5400

FAQ

What is the purpose of IEA's public offering?

IEA intends to use the net proceeds to redeem a portion of its outstanding Series B Preferred Stock and pay the associated redemption premium.

When was IEA's public offering announced?

The public offering was announced on July 28, 2021.

Who is managing IEA's public offering?

Guggenheim Securities, LLC is acting as the book-running manager for the offering.

What is the size of IEA's public offering?

IEA plans to offer shares of common stock and pre-funded warrants but has not specified the exact size of the offering.

What is the impact of IEA's offering on existing shareholders?

The offering may lead to dilution of existing shareholders due to the issuance of new shares.