SunScout Holding Prices $15.5 Million IPO at $5 per Share

MT Newswires Live

Aug 12

SunScout Holding (SNSC) said Wednesday that it priced its initial public offering of 3.1 million Class A ordinary shares at $5 per share, raising $15.5 million in gross proceeds.

The clean-technology company said it expects its shares to begin trading on the NYSE American and NYSE Texas on Wednesday under the ticker "SNSC." The offering is expected to close on or about Aug. 13, it said.

SunScout also granted underwriters a 45-day option to purchase up to an additional 465,000 shares at the IPO price, less underwriting discounts.

The company plans to use the proceeds to establish a manufacturing plant in Austin, Texas, fund marketing and product development, build inventory, repay a loan and support its acquisition of Brightway Energy, as well as for working capital.

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