PEARL RIVER, NY – December 9, 2016 – Hudson Technologies, Inc. (NASDAQ: HDSN) announced today the pricing for 6,428,571 shares of its common stock in an underwritten public offering at a purchase price of $7.00 per share. The gross proceeds to Hudson Technologies from the sale of its common stock in this offering are expected to be approximately $45 million, before deducting underwriting discounts and estimated offering expenses. Hudson Technologies has granted the underwriters a 30-day option to purchase up to an aggregate of 964,285 additional shares of common stock to cover over-allotments, if any. The offering is expected to close on or about December 14, 2016, subject to customary closing conditions.
Hudson Technologies intends to use the net proceeds from this offering for working capital and general corporate purposes which may include, among other things, funding acquisitions, although the Company has no present commitments or agreements with respect to any such transactions. Hudson Technologies may also use a portion of the proceeds to reduce or repay indebtedness under its loan agreement with its existing commercial lender.
William Blair & Company, L.L.C. and Craig-Hallum Capital Group LLC are acting as joint book-running managers. Roth Capital Partners and B. Riley & Co., LLC are acting as co-managers for the offering.
A shelf registration statement relating to the shares of common stock to be issued in the offering, together with a registration statement pursuant to Rule 462(b) under the Securities Act of 1933, as amended, have been filed with the Securities and Exchange Commission (“SEC”) and are effective. A preliminary prospectus supplement relating to the offering has been filed with the SEC and a final prospectus supplement relating to the offering will be filed with the SEC. When available, copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained by contacting William Blair & Company, L.L.C. at 222 West Adams Street, Chicago, IL 60606, Attention: Prospectus Department, by telephone at (800) 621-0687, or by email at prospectus@williamblair.com; or by contacting Craig-Hallum Capital Group LLC at 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, by telephone at (612) 334-6300, or by email at prospectus@craig-hallum.com. Electronic copies of the final prospectus supplement and accompanying prospectus will also be available on the SEC website at http://www.sec.gov.
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 other jurisdiction in which such offer, solicitation or sale is not permitted.