Posted on September 11, 2024
HOUSTON, Sept. 11, 2024 (GLOBE NEWSWIRE) — Orion Group Holdings, Inc. (NYSE: ORN) (“Orion” or the “Company”), a leading specialty construction company, today announced that it has priced its previously announced underwritten public offering of 4,860,000 shares of its common stock at a public offering price of $5.15 per share. Orion expects the gross proceeds from this offering to be approximately $25.0 million, before deducting the underwriting discount and other estimated offering expenses. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes, which may include repayment of indebtedness under its credit agreement. In connection with the offering, Orion has granted the underwriters a 30-day option to purchase up to 729,000 additional shares of its common stock at the public offering price, less the underwriting discount. The Company expects to close the offering, subject to customary conditions, on or about September 12, 2024.
Craig-Hallum Capital Group acted as the sole book-running manager for the offering. Roth Capital Partners acted as co-manager for the offering. A shelf registration statement relating to the shares of common stock to be issued in the proposed offering was filed with the Securities and Exchange Commission (the “SEC”) and is effective. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.
The Company has filed a preliminary prospectus supplement and accompanying prospectus describing the terms of the offering with the SEC, and will file a final prospectus supplement with the SEC. Copies of the final prospectus supplement and the accompanying prospectus relating to the securities being offered may be obtained, when available, from Craig-Hallum Capital Group LLC, Attention: Equity Capital Markets, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, by telephone at (612) 334-6300 or by email at prospectus@chlm.com. Electronic copies of the preliminary prospectus supplement and accompanying prospectus will also be available on the SEC’s website at http://www.sec.gov.
About Orion Group Holdings
Orion Group Holdings, Inc. is a leading specialty construction company serving the infrastructure, industrial, and building sectors, providing services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through its marine segment and its concrete segment. Its marine segment provides construction and dredging services including marine transportation facility construction, marine pipeline construction, marine environmental structures construction, dredging of waterways, channels and ports, environmental dredging, design, and specialty services related to marine construction, fabrication, and dredging. Its concrete segment provides turnkey concrete construction services including concrete surface place and finish, site preparation, layout, forming, and rebar placement for large commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas.
