SAN LEANDRO, CA / ACCESSWIRE / September 12, 2019 / Energy Recovery, Inc. (NASDAQ:ERII) (“Energy Recovery” or “the Company”) today announced the filing of a universal shelf registration statement on Form S-3 (the “Shelf”) with the Securities and Exchange Commission (“SEC”). Once the Shelf is declared effective, the Company may from time to time offer up to $250 million of securities, which may include common stock, preferred stock, debt securities, warrants, purchase contracts, rights, units, or any combination of the above. The specific terms of any potential future offerings, if any, along with the intended use of proceeds of any such securities, will be described in detail in a prospectus supplement at the time of any such offering.
Energy Recovery President and CEO Chris Gannon commented, “While we have no immediate plans to raise capital under the Shelf registration, we are focused on strategically growing our Water and Oil & Gas businesses. The Shelf provides additional financial flexibility we may need to fund future organic and inorganic growth opportunities.”
In addition, the Shelf names selling stockholders, which include Ole Peter Lorentzen, a member of the Company’s Board of Directors, his investment vehicle and shares owned by his spouse, and an investment vehicle for the Skaugen family, who may, from time to time in one or more offerings, offer and sell shares of the Company’s common stock. Energy Recovery will not receive any proceeds from the sale of common stock by the selling stockholders. The selling stockholders have advised the Company that no arrangements or commitments for the sale of the shares being registered have been made at this point.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. Any offering of the securities covered by the Shelf will be made solely by means of a prospectus and an accompanying prospectus supplement relating to that offering. A copy of the prospectus included in the registration statement may be obtained on the SEC’s website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer for sale, or solicitation of an offer to buy, any of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Energy Recovery
Energy Recovery, Inc. (ERII) is an energy solutions provider to industrial fluid flow markets worldwide. Energy Recovery solutions recycle and convert wasted pressure energy into a usable asset and preserve pumps that are subject to hostile processing environments. With award-winning technology, Energy Recovery simplifies complex industrial systems while improving productivity, profitability, and efficiency within the water, oil & gas, and chemical processing industries. Energy Recovery products annually save customers $2 billion (USD) and eliminate more than 11.5 million metric tons of carbon dioxide. Headquartered in the Bay Area, Energy Recovery has offices in Dubai, Houston, Madrid, and Shanghai. For more information about the Company, please visit www.energyrecovery.com.
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SOURCE: Energy Recovery