Artesian Resources Corporation Announces Common Stock Offering
18 Maio 2023 - 5:59PM
Artesian Resources Corporation (Nasdaq: ARTNA) (Artesian) announced
today a proposed underwritten public offering of approximately
600,000 shares of its Class A Non-Voting Common Stock. The Company
also intends to grant the underwriters a 30-day option to purchase
from Artesian up to an additional 90,000 shares of Class A
Non-Voting Common Stock. The proposed offering is subject to market
and other conditions, and there can be no assurance as to whether
or when the offering may be completed, or as to the actual size or
terms of the offering. Janney Montgomery Scott LLC is acting as
sole book-running manager.
Artesian currently intends to use the net proceeds of the
offering for general corporate purposes, including its capital
investment program and repayment of outstanding
indebtedness.
The proposed offering is being made pursuant to Artesian’s
effective shelf registration statement (including a prospectus)
previously filed with the Securities and Exchange Commission (SEC)
on September 29, 2022 and declared effective October 12, 2022. The
offering of these securities will be made only by means of a
prospectus and a related prospectus supplement. A preliminary
prospectus supplement relating to the offering has been filed with
the SEC. A copy of the prospectus supplement and accompanying
prospectus may be obtained by visiting EDGAR on the SEC’s website
at www.sec.gov or by sending a request to Janney Montgomery Scott
LLC, 1717 Arch Street, Philadelphia, PA 19103, or by e-mail:
prospectus@janney.com. Before you invest, you should read the
prospectus supplement and accompanying prospectus, the registration
statement, and the other documents that Artesian has filed with the
SEC for more complete information about Artesian and this offering.
Investors may obtain these documents for free by visiting the SEC’s
website at www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Artesian Resources
Artesian Resources Corporation operates as the holding company
of wholly-owned subsidiaries offering water and wastewater
services, and related business services, on the Delmarva Peninsula.
Artesian Water Company, the principal subsidiary, is the oldest and
largest regulated water utility on the Delmarva Peninsula and has
been providing water service since 1905. Artesian supplies 8.7
billion gallons of water per year through 1,442 miles of water main
to over a third of Delawareans.
Forward Looking Statements:
This release contains forward looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
regarding, among other things, the completion, timing and size of
Artesian’s proposed public offering and the intended use of
proceeds. These statements involve risks and uncertainties that
could cause actual results to differ materially from those
expressed or implied by such forward-looking statements including:
factors associated with market conditions and the satisfaction of
customary closing conditions related to the proposed public
offering. While Artesian may elect to update its forward-looking
statements, Artesian specifically disclaims any obligation to do so
and you should not rely on any forward-looking statements as a
representation of Artesian’s views as of any date subsequent to the
date of this release. More information concerning forward-looking
statements can be found in Artesian’s SEC filings with the SEC at
sec.gov.
Contact:Nicki TaylorInvestor Relations(302)
453-6900ntaylor@artesianwater.com
Artesian Resources (NASDAQ:ARTNA)
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