Hollysys Files for $180 Million Shelf Offering
Hollysys Automation Technologies Ltd. (Nasdaq: HOLI) announced today it filed a shelf registration for the future offering of 7.8 million ordinary shares.
The Beijing-based company, which provides automation control systems for industry and rail transportation, said proceeds from the sale of securities would be used for general corporate purposes, including the possibility of product expansions, investments in research and development, increasing production capacity, and broadening sales and marketing.
The company said the funds could be used to acquire or invest in other products, technologies, and businesses if opportunities arose.
Shares in Hollysys, which announced the shelf offering after the market closed in New York, closed today at $23.25 per share, up 35 cents on the day. The company's ordinary shares are listed directly on the Nasdaq Global Select Market.
In its filing with the U.S. Securities and Exchange Commission, the company also said that certain shareholders could be included in the offering. If applicable, the selling shareholders, it said, would be named in a supplemental filing at a later date.
Citigroup Global Markets Inc. is acting as the sole book-running manager for the offering. Hollysys said it expected to grant the underwriter a 30-day option to purchase up to 1.17 million additional ordinary shares.
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