Enservco Corporation Announces Pricing of $3.5 Million Public Offering
23 Février 2023 - 3:28PM
Enservco Corporation (NYSE American: ENSV), a diversified national
provider of specialized well-site services to the domestic onshore
conventional and unconventional oil and gas industries, today
announced the pricing of its “best efforts” public offering of
7,000,000 shares of common stock (or common stock equivalents)
together with common warrants to purchase up to 7,000,000 shares of
common stock at a combined public offering price of $0.50 per share
and accompanying warrant. The common warrants will have an exercise
price of $0.55 per share, will be exercisable immediately following
the date of issuance and will expire five years from the date of
issuance. Enservco expects to receive gross proceeds of
approximately $3.5 million, before deducting placement agent fees
and other estimated offering expenses.
The offering is expected to close on or about
February 27, 2023, subject to customary closing conditions.
Enservco intends to use the net proceeds from this offering for
general corporate purposes, which may include repayment of debt and
potential acquisitions.
A.G.P./Alliance Global Partners is acting as sole placement
agent for the offering.
The offering is being conducted pursuant to Enservco’s
registration statement on Form S-1 (File No. 333-269265) previously
filed with the Securities and Exchange Commission (“SEC”) and
declared effective on February 14, 2023. A final prospectus
relating to the offering will be filed with the SEC and will be
available on the SEC's website at http://www.sec.gov. Electronic
copies of the prospectus may be obtained, when available, from
A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor,
New York, NY 10022, or by telephone at (212) 624-2060, or by email
at prospectus@allianceg.com
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Enservco
Through its various operating subsidiaries,
Enservco provides a wide range of oilfield services, including hot
oiling, acidizing, frac water heating and related services. The
Company has a broad geographic footprint covering seven major
domestic oil and gas basins and serves customers in Colorado,
Montana, New Mexico, North Dakota, Oklahoma, Pennsylvania, Ohio,
Texas, Wyoming and West Virginia. Additional information is
available at www.enservco.com
Cautionary Note Regarding Forward-Looking
Statements
This news release contains information that is
"forward-looking" in that it describes events and conditions
Enservco reasonably expects to occur in the future. Expectations
for the future performance of Enservco are dependent upon a number
of factors, and there can be no assurance that Enservco will
achieve the results as contemplated herein. Certain statements
contained in this release using the terms "may," “intends,”
"expects to," and other terms denoting future possibilities, are
forward-looking statements. The accuracy of these statements cannot
be guaranteed as they are subject to a variety of risks, which are
beyond Enservco's ability to predict, or control and which may
cause actual results to differ materially from the projections or
estimates contained herein. Among these risks are those set forth
in Enservco’s annual report on Form 10-K for the year ended
December 31, 2021, and the Registration Statement on Form S-1
declared effective February 14, 2023. Forward looking statements in
this news release that are subject to risk include the Company’s
ability to close on the public offering as described
herein. Enservco disclaims any obligation to update any
forward-looking statement made herein, except as required by
law.
Contacts:
Mark PattersonChief Financial OfficerEnservco
Corporationmpatterson@enservco.com
Jay PfeifferPfeiffer High Investor Relations,
Inc.Phone: 303-880-9000Email: jay@pfeifferhigh.com
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