Hudson Technologies Inc. Completes Share Sale
August 24, 2009
PEARL RIVER, N.Y. - Hudson Technologies Inc., a distributor and reclaimer of refrigerants as well as a provider of proprietary on-site decontamination services for large comfort and process cooling systems, announced that it has completed the sale of 1.47 million shares of its common stock to two institutional investors as part of a registered direct offering to sell up to 3.87 million shares of its common stock.
Under the terms of the subscription agreements with the initial two investors, Hudson Technologies sold an aggregate of 1.47 million shares of its common stock at a price of $1.15 per share, and received net proceeds, after deducting placement agent fees and other estimated offering expenses, of approximately $1.5 million.
Proceeds from the initial closing and from any future sales under the offering will be used for working capital, as well as for other general corporate purposes including sales and marketing programs. Hudson may also use a portion of the proceeds to fund acquisitions, although it has no present commitments or agreements with respect to any such transactions. Hudson may also, at its discretion, apply the proceeds of the offering to pay down a portion of its revolving credit facility.
Roth Capital Partners LLC is acting as the placement agent for the offering on a “best efforts” basis. A shelf registration statement relating to these securities, file No. 333-151973, has been declared effective by the Securities and Exchange Commission (SEC), and a prospectus supplement relating to the offering has been filed with the SEC. Copies of the final prospectus and the prospectus supplement can be obtained from the SEC Website.
For more information visit, www.sec.gov or www.hudsontech.com.
Publication date: 08/24/2009