WASHINGTON (dpa-AFX) - Shimmick Corp., a water infrastructure company, said that it has priced its initial public offering of 3.58 million shares of its common stock at a price to the public of $7 per share.
Shimmick has also granted the underwriters in the offering a 30-day option to purchase up to an additional 536,250 shares at the initial public offering price, less underwriting discounts and commissions.
The shares are expected to begin trading on the Nasdaq Global Market on November 14, 2023 under the ticker symbol 'SHIM.'
The offering is expected to close on November 16, 2023.
Shimmick plans to use the net proceeds from the offering to repay outstanding indebtedness, with any remaining amounts to be used for working capital and other general corporate purposes, including the potential funding of future opportunistic acquisitions.
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