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PHOENIX - Global Water Resources, Inc. (NASDAQ: GWRS), a company specializing in water resource management, has announced the pricing for its underwritten public stock offering. The company will offer 2.8 million shares at $10.00 each, with the expectation to raise gross proceeds of approximately $28 million, before underwriting discounts and commissions and estimated offering expenses. According to InvestingPro data, the stock has declined nearly 9% in the past week and is currently trading near its 52-week low of $10.16.
The offering is scheduled to close on Tuesday, subject to customary closing conditions. Notably, certain directors and affiliates are set to purchase 1,439,200 shares. The company has also provided underwriters a 30-day option to buy up to an additional 420,000 shares at the offering price, less the underwriting discounts and commissions.
The anticipated use for the net proceeds includes funding acquisitions, working capital, and other general corporate purposes. Roth Capital Partners and Janney Montgomery Scott are the underwriters for this offering.
This offering comes after a registration statement on Form S-3 was filed with the Securities and Exchange Commission and declared effective as of August 31, 2023. Details of the final terms will be available in a final prospectus supplement and accompanying base prospectus filed with the SEC.
Global Water Resources, based in Arizona, operates 32 systems providing water, wastewater, and recycled water services, mainly in the Phoenix and Tucson metropolitan areas. The company is known for recycling over 1 billion gallons of water annually. InvestingPro analysis reveals impressive gross profit margins of 74% and a consistent track record of raising dividends for 9 consecutive years. The company maintains a market capitalization of $247 million, though it currently trades at a relatively high P/E ratio of 43x.
The press release also contains forward-looking statements regarding the expected closing date of the offering and the intended use of the proceeds. However, these are subject to market conditions and the satisfaction of customary closing conditions related to the offering. For deeper insights into GWRS’s financial health and valuation metrics, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, which covers over 1,400 US stocks with detailed analysis and actionable intelligence.
The information for this article is based on a press release statement. It is important to note that the press release does not constitute an offer to sell or a solicitation of an offer to buy any securities.
In other recent news, Global Water Resources reported its fourth-quarter 2024 earnings, showing a slight miss on earnings per share (EPS) expectations but surpassing revenue forecasts. The company’s EPS was $0.04, below the projected $0.06, while revenue reached $13.29 million, exceeding the anticipated $12.7 million. Additionally, Global Water Resources has filed applications with the Arizona Corporation Commission for water and wastewater rate increases for two of its subsidiaries, potentially leading to a net annual revenue boost of approximately $6.5 million. The company also announced a public offering of its common stock, with Roth Capital Partners and Janney Montgomery Scott serving as underwriters. This offering aims to raise funds for acquisitions, working capital, and general corporate purposes. In other developments, Global Water Resources received approval for its acquisition of the City of Tucson assets, expected to close in the first half of 2025. The company has also proposed a formula rate plan to allow annual rate adjustments based on specific cost inputs, pending regulatory approval. These actions reflect Global Water Resources’ ongoing efforts to expand its operations and financial performance.
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