Comverge Announces Closing of Over-Allotment Option
Net proceeds expected to be approximately $3.7 million.
EAST HANOVER, N.J., December 7, 2009 Comverge, Inc. (Nasdaq:COMV), a leading provider of comprehensive smart grid, demand management, and energy efficiency solutions, today announced that the underwriters of its previously announced public offering of 2,400,000 shares of common stock have fully exercised their over-allotment option and purchased an additional 360,000 shares of common stock from the Company at the public offering price of $10.50 per share less the underwriting discount. Total additional net proceeds to Comverge from the exercise of the over-allotment option are expected to be approximately $3.7 million. Comverge expects to use the net proceeds from the exercise of the over-allotment option to repay outstanding indebtedness, finance the capital requirements of its current and future contracts, as well as research and development, and for other general corporate purposes.
RBC Capital Markets Corporation and Lazard Capital Markets LLC acted as joint book-running managers for the offering. Robert W. Baird & Co. Incorporated and Stephens Inc. acted as co-managers.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy 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 such state or jurisdiction.
The shares were offered through Comverge's effective shelf registration statement. You may obtain copies of the prospectus supplement and accompanying prospectus related to this offering free of charge by visiting the SEC's website at www.sec.gov or from RBC Capital Markets Corporation, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, Attention: Equity Syndicate, (212) 428-6670, or Lazard Capital Markets LLC, 30 Rockefeller Plaza, New York, NY 10020, Attention: Syndicate Department, 60th Floor, (212) 632-6717.
About Comverge
Comverge, with over 3,300 megawatts of clean energy capacity under management, is a leading provider of clean energy solutions that improve grid reliability and supply electric capacity on a more cost-effective basis than conventional alternatives by reducing base load and peak load energy consumption. For more information, visit www.comverge.com.
For Comverge Investors
This press release includes statements regarding the offering that may constitute forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. Factors that can affect future results are discussed in Comverge's most recent annual report on Form 10-K, quarterly reports on Form 10-Q and other reports filed by Comverge from time to time with the SEC and included in the prospectus supplement and accompanying prospectus related to this offering. Comverge undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
For Additional Information:
Investor Relations
Dan Pfeffer
VP, Treasurer-Investor Relations
678-802-8302
invest@comverge.com