Horizon Technology Finance (NASDAQ:HRZN) stock is down 7% with pricing of an underwritten public offering of 3.25M shares at a price of $12.50 per share.
Total gross proceeds of ~$40.63M.
Closing is expected on or about June 2, 2023.
Underwriters have a 30-day option to purchase up to an additional 487,500 shares.
Net proceeds will be used to repay its outstanding debt borrowed under its revolving credit facility provided by KeyBank National Association. However, through the re-borrowing of the initial repayments under its Key Facility, the company intends to use the net proceeds from this offering to make investments in accordance with its investment objective and strategies described in the prospectus supplement and the accompanying prospectus, to pay the company’s operating expenses and other cash obligations, and for general corporate purposes.
