Enservco Corporation Announces Pricing of $8.4 Million Public Offering
09 Fevereiro 2021 - 10:30AM
Enservco Corporation (NYSE American: ENSV), a diversified national
provider of specialized well-site services to the domestic onshore
conventional and unconventional oil and gas industries, today
announced the pricing of its public offering of 3,652,173 shares of
common stock at a price to the public of $2.30 per share. Enservco
expects to receive gross proceeds of approximately $8.4 million,
before deducting underwriting discounts and commissions and other
estimated offering expenses.
Enservco has granted the underwriters a 45-day option to
purchase up to an additional 547,825 shares of common stock at the
public offering price to cover over-allotments, if any. The
offering is expected to close on February 11, 2021, subject to
customary closing conditions.
Enservco intends to use the net proceeds from this offering for
working capital purposes and to reduce debt.
A.G.P./Alliance Global Partners is acting as sole book-running
manager for the offering.
The offering is being conducted pursuant to Enservco’s
registration statement on Form S-1 (File No. 333-252275) previously
filed with the Securities and Exchange Commission (“SEC”) and
declared effective on February 8, 2021. A final prospectus relating
to the offering will be filed with the SEC and will be available on
the SEC's website at http://www.sec.gov. Electronic copies of the
prospectus relating to this offering, when available, may be
obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue,
28th Floor, New York, NY 10022 at (212) 813-1047.
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 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.
About Enservco
Through its various operating subsidiaries, Enservco provides a
wide range of oilfield services, including hot oiling, acidizing,
frac water heating and related services. The Company has a broad
geographic footprint covering seven major domestic oil and gas
basins and serves customers in Colorado, Montana, New Mexico, North
Dakota, Oklahoma, Pennsylvania, Ohio, Texas, Wyoming and West
Virginia. Additional information is available at
www.enservco.com.
Cautionary Note Regarding Forward-Looking
Statements
This news release contains information that is "forward-looking"
in that it describes events and conditions Enservco reasonably
expects to occur in the future. Expectations for the future
performance of Enservco are dependent upon a number of factors, and
there can be no assurance that Enservco will achieve the results as
contemplated herein. Certain statements contained in this release
using the terms "may," "intends," "expects to," and other terms
denoting future possibilities, are forward-looking statements. The
accuracy of these statements cannot be guaranteed as they are
subject to a variety of risks, which are beyond Enservco's ability
to predict, or control and which may cause actual results to differ
materially from the projections or estimates contained herein.
Among these risks are those set forth in Enservco’s annual report
on Form 10-K for the year ended December 31, 2019, and subsequently
filed documents with the SEC. Forward looking statements in this
news release that are subject to risk include A.G.P./Alliance
Global Partners’ ability to complete the public offering. Enservco
disclaims any obligation to update any forward-looking statement
made herein, except as required by law.
Contacts:
Jay PfeifferPfeiffer High Investor Relations,
Inc.Phone: 303-880-9000Email: jay@pfeifferhigh.com
Marjorie HargravePresident and Chief Financial
OfficerEnservco Corporationmhargrave@enservco.com
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