EnerNOC raises $78.1M with secondary offering
EnerNOC (ENOC.O) has sold off 3.75 million shares of common stock, with each share priced at $27. The sale would raise $101.3 million total for the demand response leader. About 625,000 of these shares (worth $17 million) are coming out of Foundation Capital’s stake in the company.
After investors take their returns from the sale, EnerNOC should reap a net $78.1 million, which it plans to use for working capital and to fuel a potential acquisition strategy. At the same time, Foundation’s stake in the company will be reduced from 14 percent to 9.6 percent.
EnerNOC trades on the Nasdaq. At the time of this post, it’s share price is $26.04.
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