HOUSTON--(EON: Enhanced Online News)--Forum Energy Technologies, Inc. (NYSE: FET) (the “Company”) announced today the pricing of a registered underwritten public offering by the Company and certain funds affiliated with SCF Partners and Tinicum (collectively, the “Selling Stockholders”) of an aggregate of 7,000,000 shares of the Company’s common stock at a price to the public of $21.50 per share, of which 3,500,000 shares are being offered by the Company and 3,500,000 shares are being offered by the Selling Stockholders. The Company and certain of the Selling Stockholders have granted the underwriters a 30-day option to purchase up to an additional 525,000 shares and 525,000 shares of common stock, respectively, or 1,050,000 shares in the aggregate. The Company expects the offering to close on December 9, 2016, subject to customary closing conditions.
The Company expects to receive total gross proceeds of approximately $75.3 million (or approximately $86.5 million if the underwriters exercise in full their option to purchase additional shares) after deducting underwriting discounts and estimated offering expenses. The Company intends to use the net proceeds from the offering for acquisitions and general corporate purposes. The Company will not receive any of the proceeds received by the Selling Stockholders.
Goldman, Sachs & Co. and Wells Fargo Securities are acting as joint bookrunners for the offering. Copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained, free of charge, on the Securities and Exchange Commission’s website at www.sec.gov or by sending a request to:
Goldman, Sachs & Co.
200 West Street
New York, New York 10282
Attention: Prospectus Department
Wells Fargo Securities
375 Park Avenue
New York, New York 10152
Attn: Equity Syndicate Department
The shares are being offered and will be sold pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission. This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is being made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Forum Energy Technologies, Inc. is a global oilfield products company, serving the drilling, subsea, completions, production and infrastructure sectors of the oil and natural gas industry. The Company’s products include highly engineered capital equipment as well as products that are consumed in the drilling, well construction, production and transportation of oil and natural gas. Forum is headquartered in Houston, TX with manufacturing and distribution facilities strategically located around the globe.
Forward Looking Statements and Other Legal Disclosure
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Among other things, these include the volatility of oil and natural gas prices, oilfield development activity levels, the availability of raw materials and specialized equipment, the company's ability to deliver backlog in a timely fashion, the availability of skilled and qualified labor, competition in the oil and gas industry, governmental regulation and taxation of the oil and natural gas industry, the company's ability to implement new technologies and services, the availability and terms of capital, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the company's business, and other important factors that could cause actual results to differ materially from those projected as described in the company's filings with the Securities and Exchange Commission.
Any forward-looking statement speaks only as of the date on which such statement is made and the company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.