Perma-Fix To Sell $20 Mln Of Shares; Stock Down Over 9% In Pre-Market

(RTTNews) - Perma-Fix Environmental Services, Inc. (PESI), hazardous waste treatment and disposal firm, said on Wednesday that it has entered into a definitive deal to issue and sell 2.051 million shares at an offering price of $9.75 per share.

The gross proceeds from the offering, to be closed on or about May 24, are expected to be around $20 million.

Perma-Fix expects to use the proceeds to fund continued research and development, and business development relating to its patent-pending process for the destruction of PFAS, as well as the cost of installing at least one commercial treatment unit.

The company will also use the proceeds for ongoing facility capex and maintenance costs; as well as general corporate purpose.

Craig-Hallum Capital Group LLC and Wellington Shields & Co. LLC are acting as exclusive placement agents for the offering.

PESI was trading down by 9.37 percent at $10.41 per share in the pre-market trade on the Nasdaq.