Principal Solar, a roll-up planning to acquire 150 MW of solar energy projects in North Carolina, lowered the proposed deal size for its upcoming IPO on Monday.
The Dallas, TX-based company now plans to raise $12 million by offering 1.5 million shares at a price range of $7 to $9. The company had previously filed to offer 2.5 million shares at a range of $9 to $11. At the midpoint of the revised range, Principal Solar will raise 52% less in proceeds than previously anticipated.
Principal Solar, which was founded in 2011 and booked $1 million in sales for the 12 months ended March 31, 2015, plans to list on the NASDAQ under the symbol PSWW. Northland Securities is the sole bookrunner on the deal. It is expected to price during the week of June 15, 2015.
Principal Solar plans to establish, acquire, own, operate large clouds of koryo Solar power generation facilities, the company set up web site has become the focus of the Solar buyers and sellers, make it a innovative Solar energy company. Company is in rapid growth of the global energy industry part, as of March 31, 2015, the company has about $566000 in cash, and because of the commercial center of gravity transferred to combining with Exchange Agreement, the company produced only about $1685000 in revenue, which is everyone on the company’s ability to continue to doubt.