Artesian Resources Corporation ("Artesian", or the "Company") (NASDAQ: ARTNA) announced the closing of its previously-announced underwritten public offering of 695,650 shares of the Company’s Class A Non-Voting Common Stock at a purchase price of $50.00 per share for an aggregate gross offering amount of approximately $34.8 million.
The Company has also granted the underwriter a 30-day option to purchase from Artesian up to an additional 104,348 shares of Class A Non-Voting Common Stock at the public offering price, less the underwriting discount. Janney Montgomery Scott LLC acted as Sole Book-Running Manager.
About Artesian Resources Corporation
Artesian Resources Corporation operates as the holding company of wholly-owned subsidiaries offering water and wastewater services, and related business services, on the Delmarva Peninsula. Artesian Water Company, the principal subsidiary, is the oldest and largest regulated water utility on the Delmarva Peninsula and has been providing water service since 1905. Artesian supplies 8.7 billion gallons of water per year through 1,442 miles of water main to over a third of Delawareans.