PHOENIX, AZ, May 3, 2016 /CNW/ - Global Water Resources, Inc. (TSX: GWR, NASDAQ: GWRS) (the "Company") announced today the completion of the previously announced merger of the Company with GWR Global Water Resources Corp. ("GWRC"). As a result of the merger, GWRC ceased to exist as a British Columbia corporation and the Company, governed under the laws of the State of Delaware, continued as the surviving entity of the merger.
The Company also announced today the closing of its previously announced initial public offering of 1,164,800 shares of common stock at U.S.$6.25 per share for gross proceeds of U.S$7,280,000 (the "U.S. IPO"). The Company has granted the underwriter of the U.S. IPO a 30-day over-allotment option to purchase up to an additional 174,720 shares of common stock on the same terms and conditions. Roth Capital Partners acted as sole manager for the U.S. IPO.
The shares of common stock of the Company are listed on the NASDAQ Global Market and the Toronto Stock Exchange under the trading symbol "GWRS" and "GWR", respectively.
A registration statement relating to the Company's common stock was declared effective by the Securities and Exchange Commission on April 27, 2016. The offering is being made only by means of a prospectus, copies of which may be obtained from Roth Capital Partners, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660; (800) 678-9147.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
About Global Water Resources, Inc.
The Company is a water resources company located in Phoenix, Arizona, that owns and operates regulated water, wastewater and recycled water utilities in the metropolitan Phoenix area.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain forward-looking statements. These forward-looking statements include statements that are not historical facts as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or the negative of these terms, or other words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors and other factors. We undertake no obligation to publicly update any forward-looking statement, except as required by law, whether as a result of new information, future developments or otherwise.
SOURCE Global Water Resources Inc.
For further information: Michael J. Liebman, Chief Financial Officer and Corporate Secretary, Global Water Resources, Inc., (480) 999-5104, [email protected], www.gwresources.com