Ormat Technologies slides on pricing stock offering

Orix Jreit

15/03/2023 13:05

** Shares of Ormat Technologies Inc  ORA.N  down 7.4% at
$82.85 premarket after geothermal energy storage firm's
overnight follow-on prices
    ** Co sells 3.6 mln shares for general purposes, working
capital, capex and potential acquisitions
    ** Sources say offering priced at $83.50, 6.7% discount to
last sale
    ** Offering size represents ~6% of co's shares outstanding
    ** Goldman Sachs sole bookrunner
    ** Through Tues, stock up 3.5% YTD and has gained ~21% 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
    ** Avg rating among 7 analysts covering ORA is "hold" with
$92.50 median PT, 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))