Ormat Technologies falls on stock offering

Orix Jreit

14/03/2023 20:43

** Shares of Ormat Technologies Inc  ORA.N  down shares down
~7% post-market after geothermal energy storage firm launches
follow-on
    ** Co looks to sell 3.6 mln shares for general purposes,
working capital, capex and potential acquisitions
    ** Goldman Sachs sole bookrunner for offering slated to
price overnight
    ** ORA closed up 1.7% at $89.49 on Tues
    ** Co has ~56.1 mln shares outstanding
    ** Stock up 3.5% YTD amid ~21% gain over the past 12 months
    ** Japanese financial services firm Orix Corp  8591.T  is
top ORA holder with ~12% stake, or ~6.7 mln shares, per
Refinitiv

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))