Infrastructure and Energy Alternatives, Inc. Announces Closing of Common Stock Offering

INDIANAPOLIS, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA”), a leading infrastructure services company focused on renewable energy and transportation infrastructure, today announced the closing of its previously announced underwritten offering of 8,853,283 shares of common stock by Infrastructure and Energy Alternatives, LLC (the “Selling Stockholder”), an affiliate of funds managed by Oaktree Capital Management, L.P., which includes 853,283 shares of common stock following the exercise in full of the underwriters’ option to purchase additional shares of common stock from the Selling Stockholder. At the public offering price of $16.75 per share, the Selling Stockholder received total gross proceeds of approximately $148.3 million, before deducting underwriting discounts and commissions.

IEA did not sell any shares of common stock and did not receive any proceeds from the offering. Peter Jonna’s previously disclosed resignation from IEA’s board of directors became effective upon the closing of the offering.

Guggenheim Securities acted as the sole book-running manager for the offering. Stifel and D.A. Davidson & Co. acted as co-managers. The offering was made by the Selling Stockholder by means of a prospectus and related prospectus supplement, copies of which may be obtained from Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at [phone], or by email at [e-mail]. An electronic copy of the prospectus and related prospectus supplement is available from the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

A registration statement relating to the shares of common stock being sold in this offering has been filed with, and declared effective by, the U.S. Securities and Exchange Commission.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy 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 such state or jurisdiction.

About IEA

Infrastructure and Energy Alternatives, Inc. is a leading infrastructure services company focused on renewable energy and transportation infrastructure. Headquartered in Indianapolis, Indiana, with operations throughout the country, IEA operates through two segments: Renewables and Specialty Civil. The Company’s Renewables segment provides engineering, procurement and construction (“EPC”) services to the wind energy and solar energy industries. The Company’s Specialty Civil segment provides EPC services to the rail industry, state and local governments as well as other customers and environmental remediation services to the utility and other industries. For more information, please visit IEA’s website at www.iea.net or follow IEA on Facebook, LinkedIn and Twitter for the latest IEA news and events.