NEW YORK, April 15, 2016 /CNW/ - John Simon (the "Offeror") today announced that on August 21, 2015, the Offeror acquired ownership and control of 972,000 common shares of Northern Power Systems Corp. ("Northern Power"), representing 4.27% of the 22,765,949 issued and outstanding common shares of Northern Power ("Common Shares"). As a result of this transaction, the Offeror had beneficial ownership over 2,358,833 Common Shares and 20,000 options of Northern Power ("Options"). The Options are exercisable into Common Shares. In the event that the Offeror exercised the Options he held on August 21, 2015, the Offeror would have held an aggregate of 2,378,833 Common Shares, which would represent, 10.44% of the issued and outstanding Common Shares.
As previously disclosed in an August 2015 filing with the SEC, as of the date of this press release, the Offeror holds 2,455,524 Common Shares. The Offeror also holds 20,000 Options. If the Offeror exercises the Options he holds, the Offeror will hold an aggregate of 2,475,524 Common Shares, which would represent, on a converted basis, 10.67% of the issued and outstanding Common Shares.
The Common Shares were purchased on August 21, 2015 at a price of CAD $0.58 through the Toronto Stock Exchange.
The Common Shares and Options are held by the Offeror for investment purposes. Depending on market and other conditions, the Offeror may, directly or indirectly, acquire ownership or control over additional Common Shares or Options, through market transactions, private agreements, option grants or otherwise, in accordance with applicable securities legislation.
The Offeror's address and other contact information is set forth below. For further information, including to obtain a copy, once filed, of the "early warning" report required to be filed in accordance with applicable Canadian securities laws, contact the Offeror at the address specified below.
SOURCE Northern Power Systems Corp.
For further information: John Simon, 711 Fifth Avenue, New York, New York, U.S.A. 10023, Tel: (212) 339-2295