Principal Solar, Inc. has filed the paperwork and intends to go public. The company announced that it will offer its common stock in an underwritten public offering of 2.5 million shares as part of its initial public offering filed with the Securities and Exchange Commission.
Principal Solar is a solar power company that builds and operates utility-scale projects. The company has an entrepreneurial growth strategy: to identify attractive solar projects at an early stage in their development, complete their construction and bring them online and selling power via long-term power purchase agreements (PPAs). The Principal Solar Institute, an educational organization created by Principal Solar, Inc., is dedicated to spreading solar knowledge to the critical stakeholders in the solar and broader electricity markets.
In connection with the offering, Principal Solar intends to grant the underwriter the option to purchase up to 375,000 additional shares of its common stock. The estimated price range for the initial public offering is $9 to $11 per share of common stock, after considering a recent 1:4 reverse split effected May 6, 2015, and currently pending with FINRA. Principal Solar has applied to list its common stock on the Nasdaq Capital Market under the symbol “PSWW”.
Northland Capital Markets is acting as sole underwriter for the offering. The offering will be made only by means of a prospectus. A copy of the preliminary prospectus related to the offering may be obtained by sending a request to Northland Securities, Inc. at 45 South 7th Street, Suite 2000, Minneapolis, MN 55402, via telephone toll free at (800) 851-2920 or via email to firstname.lastname@example.org. Before you invest, you should read the prospectus.
— Solar Builder magazine