Capstone Green Energy Announces Pricing of Approximately $8.0 million Underwritten Public Offering

Capstone Green Energy (Nasdaq: CGRN) (“Capstone”, or the “Company”), a global leader in carbon reduction and on-site resilient green Energy as a Service (EaaS) solutions, today announced the pricing of an underwritten public offering consisting of 2,934,498 shares of its common stock and accompanying warrants to purchase up to 2,934,498 shares of common stock at a combined public offering price of $2.75 per share and accompanying warrant. The warrants have an exercise price of $2.75 per share, are exercisable immediately, and will expire five years following the date of issuance. The offering is expected to close on August 23, 2022, subject to customary closing conditions.

Lake Street Capital Markets, LLC is acting as the sole book-running manager for the offering and Joseph Gunnar & Co., LLC is acting as co-manager for the offering.

The gross proceeds to Capstone from the offering, before underwriting discounts and commissions and offering expenses, are expected to be approximately $8.0 million. Capstone intends to use the net proceeds from the offering for working capital, general corporate purposes and growth initiatives, including to expand its Energy as a Service long-term rental fleet.

A shelf registration statement on Form S-3 (File No. 333-254547) relating to the securities being offered was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 22, 2021, and became effective on April 14, 2021. The offering is being made only by means of a prospectus supplement and accompanying prospectus that form a part of the shelf registration statement. A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website, located at www.sec.gov. Alternatively, copies of the prospectus supplement and accompanying prospectus may be obtained, when available, from Lake Street Capital Markets, LLC, Attn: Syndicate Department, 920 Second Avenue South, Suite 700, Minneapolis, MN 55402, by calling [phone], or by emailing [e-mail]. Before you invest, you should read the final prospectus supplement and accompanying prospectus, together with the information incorporated therein, for more complete information about Capstone and the offering.