05:07 PM EDT, 09/24/2024 (MT Newswires) -- Hammond Power Solutions (HPS-A.TO) said Tuesday it is entering into a bought-deal secondary offering as shareholder is raising $56.96 million

Arathorn Investments unit, 1000925271 Ontario, and the company signed an agreement with Acumen Capital Finance Partners and Canaccord Genuity. The underwriters will buy 434,790 Class A Subordinate Voting Shares from the selling shareholder priced at $131.00 each.

The selling shareholder is a company controlled by Hammond Power Solutions board chair William G Hammond. Hammond Power Solutions will not receive any proceeds from this offering.

The underwriters have a 30-day over-allotment option to buy up to 65,210 additional shares. The offering is set to close around Sept. 27.

The company's Class A shares closed up $5.06 to $145.61 on the Toronto Stock Exchange.