The York Water Company Announces the Closing of the Full Exercise of the Underwriter’s Option to Purchase Additional Shares Under its Common Stock Public Offering

Rhea-AI Summary

The York Water Company (NASDAQ: YORW) announced the completion of its public offering, raising approximately $44 million. The offering included the underwriter’s full option to purchase an additional 146,340 shares, priced at $41 each. York Water plans to utilize the net proceeds for general corporate purposes, such as capital investments, debt repayment, and potential acquisitions. The offering was managed by Janney Montgomery Scott, and a prospectus supplement has been filed with the SEC.

Positive

• Total net proceeds from the offering amount to approximately $44 million.
• Planned use of funds includes capital investment, debt repayment, and potential acquisitions, indicating growth opportunities.

Negative

• None.

YORK, Pa., April 07, 2022 (GLOBE NEWSWIRE) -- The York Water Company (“York Water” or the “Company”) (NASDAQ: YORW), a provider of water and wastewater utility services, today announced the closing of the underwriter’s full exercise of the underwriter’s option to purchase 146,340 additional shares along with the previously-announced public offering of 975,600 shares of the Company’s common stock at a price to the public of $41 per share. The net proceeds to York Water from the purchase of such additional shares was approximately $5.8 million, bringing the total net proceeds from the offering, after deducting the underwriting discounts and commissions and other offering expenses, to approximately $44 million.

York Water intends to use the net proceeds from the offering for general corporate purposes, including our capital investment program, repayment of outstanding indebtedness, and potential acquisitions.

Janney Montgomery Scott is acting as sole book-running manager for the offering.

The offering was made by means of a prospectus supplement and an accompanying prospectus. A prospectus supplement relating to the offering has been filed with the SEC. Copies of the prospectus supplement and the accompanying prospectus may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov or from: Janney Montgomery Scott LLC, Attention: Equity Capital Markets Group, 60 State Street, Boston, MA 02109 or by email at prospectus@janney.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any 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.

This news release may contain forward-looking statements regarding the Company’s operational and financial expectations. These statements are based on currently available information and are subject to risks, uncertainties, and other events which could cause the Company’s actual results to be materially different from the results described in this statement. The Company undertakes no duty to update any forward-looking statement. More information concerning forward-looking statements can be found in the Company’s SEC filings with the SEC at sec.gov.

Contact:	JT Hand, President and CEO
	jth@yorkwater.com, 717-718-7554
or	Matthew E. Poff, Chief Financial Officer
	matthewp@yorkwater.com, 717-718-7549
Phone:	717-845-3601

FAQ

What are the details of the recent stock offering by York Water Company?

York Water Company closed a public offering of 975,600 shares at $41 each, plus an additional 146,340 shares purchased by the underwriter, raising approximately $44 million.

How will York Water use the proceeds from the stock offering?

The proceeds will be used for general corporate purposes, including capital investments, repayment of outstanding debt, and potential acquisitions.

Who managed the stock offering for York Water Company?

The offering was managed by Janney Montgomery Scott.