Lucosky Brookman client, Meridian Waste Solutions, Inc., Announces $12.4 Million Public Offering and NASDAQ Uplisting
Lucosky Brookman congratulates its client, Meridian Waste Solutions, Inc. (NASDAQ: MRDN, MRDNW) ("Meridian Waste" or the "Company), a vertically integrated, non-hazardous solid waste services company. The Company today announced the pricing of an underwritten public offering of 3,000,000 shares of common stock and warrants to purchase 3,000,000 shares of common stock. Each share of common stock and warrant to purchase one share of common stock are offered at a combined public offering price of $4.13. The warrants will have a per share exercise price of $5.16, are exercisable immediately and will expire five years from the date of issuance. The common stock and the warrants have been approved to list on the Nasdaq Capital Market under the symbols MRDN and MRDNW, respectively.
The aggregate gross proceeds to Meridian Waste from the public offering are expected to be $12,390,000 prior to deducting underwriting discounts, commissions and other estimated offering expenses. Meridian Waste has granted the underwriters a 45-day option to purchase up to an additional 450,000 shares of common stock and/or warrants to purchase 450,000 shares of common stock to cover over-allotments, if any. The offering is expected to close on January 30, 2017, subject to customary closing conditions.
Meridian Waste intends to use the net proceeds from the public offering for capital expenditures including additional trucks and equipment to service recently awarded business, tuck-in acquisitions, repayment of indebtedness and working capital.
Joseph Gunnar & Co., LLC is acting as sole book-running manager for the offering. Axiom Capital Management, Inc. is acting as a co-manager for the offering and Garden State Securities, Inc. is acting as a Selected Dealer in the offering.