Orion Group Prices Offering Of Around $25 Mln Of Shares, Pre-market Stock Down Over 12%

(RTTNews) - Orion Group Holdings, Inc. (ORN), a specialty construction company, on Wednesday priced its previously announced underwritten public offering of 4.860 million shares at $5.15 per share for gross proceeds of around $25 million.

The company intends to use the net proceeds of this offering, to be closed on or about September 12, for working capital and general corporate purposes.

In connection with the offering, Orion has granted the underwriters a 30-day option to purchase up to 729,000 additional shares.

Craig-Hallum Capital Group acted as the sole book-running manager for the offering, while Roth Capital Partners served as co-manager.

ORN was trading down by 12.60 percent at $5.55 in the pre-market trade on the New York Stock Exchange.