Infrastructure and Energy Alternatives, Inc. Announces Key Dates and Timeline for Rights Offering

INDIANAPOLIS, Jan. 17, 2020 (GLOBE NEWSWIRE) -- Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with specialized energy and heavy civil expertise, today provided an informational update to stockholders regarding its previously announced rights offering, including tentative key dates and terms.

Under the rights offering, IEA will distribute to certain non-affiliated shareholders, at no charge, one subscription right for every share of common stock owned at 5:00 p.m., Eastern Time, on January 27, 2020, the record date. Each subscription right will entitle the holder to purchase one unit, referred to as the basic subscription right, at a subscription price of $1,000.00 per unit. Each unit consists of one share of Series B-3 Preferred Stock and 34.375 warrants to purchase common stock at an exercise price of $0.0001. If the subscription rights initially distributed to a holder would not allow for the holder to subscribe for $50,000 of units, which is the minimum subscription requirement, the holder will nevertheless be entitled to subscribe for $50,000 of units, which right is referred to as the minimum subscription privilege. If a holder exercises its minimum subscription privilege or its basic subscription rights in full, and any portion of the units remain available under the rights offering, the holder will be entitled to an over-subscription privilege to purchase a portion of the unsubscribed units at the subscription price. Each subscription right consists of a basic subscription right, minimum subscription privilege and an over-subscription privilege, all of which are subject to reduction, pro rating and rounding in order to limit the rights offering to 15,000 units. The Series B-3 Preferred Stock and the warrants comprising the units will be issued separately at settlement of the rights offering but may only be purchased as a unit.

The expected calendar for the rights offering, unless extended or modified by IEA, is as follows:

• January 27, 2020 at 5:00 PM, Eastern Time: Record Date
• January 31, 2020: Estimated Distribution Date; Subscription Period Estimated to Begin
• March 2, 2020 at 5:00 PM, Eastern Time: Subscription Period Ends

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.