Heritage Global Inc. Announces Proposed Public Offering of Common Stock
Heritage Global Inc. (Nasdaq: HGBL) (“Heritage Global,” “HGI” or the “Company”), an asset services company specializing in financial and industrial asset transactions, today announced that it intends to offer and sell shares of its common stock in an underwritten public offering. In connection with this proposed offering, HGI expects to grant the underwriter a 30-day option to purchase up to an additional 15% of the shares of common stock to be sold in the proposed offering at the public offering price, less underwriting discounts and commissions. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the proposed offering may be completed, or as to the actual size or terms of the proposed offering. All of the shares in the proposed offering are to be sold by HGI.
HGI intends to use the net proceeds from the proposed public offering for general corporate purposes, which may include, without limitation, the expansion of the businesses of Heritage Global Capital LLC and Heritage Global Partners, Inc., working capital and growth capital.
Lake Street Capital Markets LLC is acting as sole book-running manager for this proposed offering. Colliers Securities LLC is acting as the co-manager for the proposed offering.
The proposed offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-248578) that was declared effective by the Securities and Exchange Commission (the “SEC”) on September 15, 2020. A preliminary prospectus supplement related to the proposed offering will be filed with the SEC and will be available on the SEC’s website, located at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to the proposed offering may also be obtained, when available, from Lake Street Capital Markets, LLC, Attention: Syndicate Department, 920 Second Avenue South, Suite 700, Minneapolis, Minnesota 55402, or by calling (612) 326-1305, or by emailing firstname.lastname@example.org. The final terms of the proposed offering will be disclosed in a final prospectus supplement to be filed with the SEC.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any offer or sale of these securities in any state or 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. Any offer, if at all, will be made only by means of a prospectus supplement and accompanying prospectus, which are a part of the effective registration statement.