Hammond Power Solutions Closes $65.5 Million Bought Deal Secondary Offering
September 27, 2024
Hammond Power Solutions Inc. has recently announced that Chair of Board, Mr. William G. Hammond, through a company he controls, closed the sale of 500,000 Class A Subordinate Voting Shares at a price of $131.00 (the “Offering”) for gross proceeds of approximately $65.5 million.
Mr. Hammond intends to use the proceeds for diversification, estate planning and charitable giving purposes. The shares were sold pursuant to a bought deal with co-lead underwriters Acumen Capital Finance Partners Limited and Canaccord Genuity Corp. (together, the “Underwriters”), under which the Underwriters exercised their over-allotment option in full. The Company did not offer any Class A Subordinate Voting Shares in the Offering and did not receive any proceeds from the Offering.
Prior to the closing of the Offering, Mr. Hammond beneficially owned or controlled, directly or indirectly, an aggregate of 924,636 Class A Subordinate Voting Shares and 2,778,300 Class B Common Shares (collectively, the “Shares”) representing approximately 31.1% of the total issued and outstanding Shares (on an as converted basis) and approximately 59.5% of the voting power attached to all Shares. Following the closing of the Offering, Mr. Hammond beneficially owns or controls, directly or indirectly, 424,636 Class A Subordinate Voting Shares and 2,778,300 Class B Common Shares, representing approximately 26.9% of the issued and outstanding Shares (on an as converted basis) and approximately 57.0% of the voting power attached to all of the Shares.
An early warning report relating to Mr. William G. Hammond’s sale of the Class A Subordinate Voting Shares pursuant to the Offering will be filed on SEDAR+ under the Company’s profile at www.sedarplus.ca. To obtain a copy of such report, please contact Investor Relations of the Company at ir@hammondpowersolutions.com. The Company’s head office and Mr. William G. Hammond’s mailing address is 595 Southgate Dr., Guelph, Ontario, N1G 3W6, Canada.
For more information, visit the Hammond Power Solutions website HERE.
