Sterling Construction Company, Inc. (Nasdaq GS:STRL) (the “Company” or
“Sterling”) today announced that it has entered into an underwriting
agreement (the “Underwriting Agreement”) with D.A. Davidson & Co. as
sole underwriter (the “Underwriter”), pursuant to which the Underwriter
has agreed to purchase from the Company and sell to the public 2,100,000
shares of the Company’s common stock, par value $0.01 per share (the
“Common Stock”) at a price of $6.90 per share (the “Offering”).
The purchase price of $6.90 per share of Common Stock will result in
gross proceeds to the Company of $14,490,000. The Company intends to use
the net proceeds of the Offering to repay indebtedness outstanding under
its revolving credit facility and for general corporate purposes.
Closing is expected to occur on or about May 6, 2014.
The securities described above are being offered by the Company pursuant
to a shelf registration statement which was filed with the Securities
and Exchange Commission on April 4, 2014 and became effective on April
29, 2014. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy these securities, nor shall there be
any sale of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. The completion of the offering is subject to customary
closing conditions.
Sterling is a leading heavy civil construction company that specializes
in the building and reconstruction of transportation and water
infrastructure projects in Texas, Utah, Nevada, Arizona, California,
Hawaii, and other states where there are construction opportunities. Its
transportation infrastructure projects include highways, roads, bridges
and light rail, and its water infrastructure projects include water,
wastewater and storm drainage systems.
This press release includes certain statements that fall within the
definition of “forward-looking statements” under the Private Securities
Litigation Reform Act of 1995. Any such statements are subject to risks
and uncertainties, including the failure to close the offering, overall
economic and market conditions, our ability to successfully integrate
acquired businesses and realize the anticipated benefits of those
acquisitions, competitors’ and customers’ actions, and weather
conditions, which could cause actual results to differ materially from
those anticipated, including those risks identified in the Company’s
filings with the Securities and Exchange Commission. Accordingly, such
statements should be considered in light of these risks. Any prediction
by the Company is only a statement of management’s belief at the time
the prediction is made. There can be no assurance that any prediction
once made will continue thereafter to reflect management’s belief, and
the Company does not undertake to update publicly its predictions,
whether as a result of new information, future events or otherwise.
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