07:54 AM EDT, 09/11/2024 (MT Newswires) -- Orion Group ( ORN ) said Wednesday it priced a public offering of about 4.9 million common shares at $5.15 per share for gross proceeds of about $25 million.

Underwriters have been granted a 30-day option to purchase 729,000 additional shares.

Net proceeds from the offering, which is set to close around Thursday, will be used for working capital and general corporate purposes, which may include debt repayment under the company's credit agreement.

Shares of Orion Group ( ORN ) fell more than 15% in recent premarket activity Wednesday.

Price: 5.36, Change: -0.99, Percent Change: -15.59