(Bloomberg) — Principal Solar Inc., a Dallas-based
renewable-energy developer, is seeking as much as $27.5 million
in an initial public offering.
The company plans to offer 2.5 million shares priced from
$9 to $11 each and has applied to list the stock on the Nasdaq
Capital Market under the ticker “PSWW,” Principal Solar said
in a statement Wednesday. Northland Capital Management, the sole
underwriter, has an option to buy an additional 375,000 shares.
The company’s net loss for 2014 widened to $3.38 million
from $2.37 million, according to a filing with the U.S.
Securities and Exchange Commission. Revenue rose to about
$975,000 from $491,000 a year earlier. For the quarter ended
March 31, revenue was about $184,000, down 15 percent from a
year earlier.
In March, Principal Solar filed to sell shares worth as
much as $28.8 million and said it would build a 72.9-megawatt
power plant in North Carolina. Duke Energy Corp. agreed to buy
the output under a 10-year contract. In February, Principal
Solar also agreed to sell Duke electricity from a 78.5-megawatt
facility in the state.
To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net
To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Jim Efstathiou Jr., Robin Saponar