NAO increases size of public offeringCompany News // February 27, 2017
Nordic American Offshore (NAO) has 'upsized' its planned public offering.
The company agreed to sell 40,000,000 common shares at a public offering price of US$1.25 per share. Now, at the company's request, the underwriters have reserved common shares to the company's largest shareholder and certain members of the company's board of directors, management and advisors at the public offering price.
Specifically, the underwriters have reserved for sale approximately US$10.0 million worth of common shares to Nordic American Tankers Limited, the company's largest shareholder and approximately US$2.0 million worth of common shares to the company's Executive Chairman, Herbjørn Hansson and his son Alexander.
Common shares have also been reserved for Marianne Lie, Executive Vice Chair and board member, Turid M Sørensen, Chief Financial Officer, Paul J Hopkins, board member, and Jan Erik Langangen, advisor to the company.
The company has granted the underwriters a 30-day option to purchase up to an additional 6,000,000 common shares. The company intends to close the sale of the common shares on March 1, 2017, subject to customary closing conditions.