Principal Solar, a roll-up planning to acquire 150 MW of solar energy projects in North Carolina, announced terms for its IPO on Tuesday.
The Dallas, TX-based company plans to raise $25 million by offering 2.5 million shares at a price range of $9 to $11. At the midpoint of the proposed range, Principal Solar would command a fully diluted market value of $91 million.
The company's stock is currently traded with low liquidity on the OTC Pink market under the symbol PSWW and it commands a market cap of about $67 million. With an adjusted share price of $12, the stock is up 300% year-to-date, but down 66% in the past month.
If the company cannot complete the offering before July 1, 2015, it has agreed to aggressively seek alternatives, including sale to a private equity group, a merger or an asset sale.
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 8, 2015.
