Hammond Power Solutions (TSE:HPS.A) has released an update.
Hammond Power Solutions Inc. has initiated a significant secondary offering of Class A Subordinate Voting Shares, totaling approximately $56.95 million, without yielding any proceeds for the company itself. The offering, which is managed by Acumen Capital Finance Partners Limited and Canaccord Genuity Corp., also includes an over-allotment option for additional shares. The sale will slightly reduce William G. Hammond’s controlling interest in the company, although he will retain a majority of the voting power.
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