Montauk Renewables Announces Closing of Initial Public Offering and Exercise in Full of the Underwriter’s Option to Purchase Additional Shares

Rhea-AI Summary

Montauk Renewables announced the closing of its initial public offering, selling 3,399,515 shares at $8.50 per share, resulting in approximately $23 million in gross proceeds. The offering included 2,350,000 shares from the Company, 697,015 from Montauk Holdings Limited, and 352,500 shares from the underwriter's option. Shares are listed on Nasdaq under the symbol 'MNTK' and have a secondary listing on the Johannesburg Stock Exchange as 'MKR.' Roth Capital Partners acted as the sole manager of this offering.

Positive

• Raised approximately $23 million in gross proceeds from the IPO.
• Increased visibility and trading volume with listings on both Nasdaq and Johannesburg Stock Exchange.

Negative

• None.

PITTSBURGH, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Montauk Renewables, Inc. (the “Company”) announced today the closing of its initial public offering of 3,399,515 shares at a price of $8.50 per share. The offering consisted of 2,350,000 shares offered by the Company, 697,015 shares offered by Montauk Holdings Limited, the selling stockholder, and an additional 352,500 shares issued pursuant to the exercise in full of the underwriter’s option to purchase additional shares of common stock from the Company. The Company’s common stock is listed on The Nasdaq Capital Market and trades under the ticker symbol “MNTK.” The shares have a secondary listing on the Johannesburg Stock Exchange and trade under the ticker symbol “MKR.”

The aggregate gross proceeds to the Company from the public offering was approximately $23 million prior to underwriting discounts, commissions and other estimated offering expenses.

Roth Capital Partners acted as sole manager of the offering.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on January 21, 2021. A final prospectus relating to this offering was filed with the SEC on January 25, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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.

The offering is being made only by means of a prospectus. When available, copies of the final prospectus relating to this offering may be obtained from Roth Capital Partners, 888 San Clemente, Newport Beach, CA 92660, Attn: Prospectus Department, telephone: 800-678-9147, or email rothecm@roth.com or by accessing the SEC’s website, www.sec.gov.

Contacts

Company IR

investor@montaukenergy.com
John Ciroli
Vice President, General Counsel and Secretary

FAQ

What is the share price for Montauk Renewables' IPO?

The share price for Montauk Renewables' IPO was $8.50 per share.

How many shares were offered in Montauk Renewables' IPO?

Montauk Renewables offered a total of 3,399,515 shares in its IPO.

What were the gross proceeds from Montauk Renewables' IPO?

The gross proceeds from Montauk Renewables' IPO were approximately $23 million.

Who managed Montauk Renewables' IPO offering?

Roth Capital Partners acted as the sole manager for Montauk Renewables' IPO offering.

Under which ticker symbol is Montauk Renewables traded?

Montauk Renewables trades under the ticker symbol 'MNTK' on Nasdaq.