Tecogen Inc. announced the pricing of an underwritten public offering of 3,500,000 shares of its common stock at $5.00 per share. The company expects to receive gross proceeds of approximately $17,500,000 from this offering, before accounting for underwriting discounts, commissions, and other offering expenses.
This public offering aims to raise capital to fund Tecogen's operations and growth initiatives. The company has historically relied on related-party notes for financing and has acknowledged the potential need for additional financing to support its strategic objectives, particularly larger projects.
The offering represents a significant step in strengthening Tecogen's balance sheet and providing capital for its strategic pivot towards high-growth markets like data centers. The additional funds are crucial for ramping up production and executing on anticipated larger orders.
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