Breaking Finance News

Power Solutions International Prices Secondary Offering at $35 per Share

Power Solutions International (NASDAQ: PSIX) said in a press release Thursday that it was pricing its 1.75 million share secondary offering at $35 per share–well below its current price of $37.45.

The company, which designs and manufactures emissions-certified alternative-fuel and conventional power systems announced that it is selling about 1 million shares while certain stock holders will sell an additional 700,000 shares in the offering. The selling stockholders have given the underwriters the option to purchase up to 255,000 shares additional common stock to cover the over-allotment of shares.

The company has had a banner year. In the past six months, its stock is up about 120 percent and has recently formed a basing pattern that could set up the next leg higher.

[stock-tools exchange="NASDAQ" symbol="PSIX" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

 

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.