Pinnacle West Announces Proposed Public Offering of $650 Million of Common Stock
Pinnacle West Capital Corp. (NYSE: PNW) (“Pinnacle West”) announced today that it is commencing a registered public offering of $650 million of its common stock in connection with the forward sale agreements described below, subject to market and other conditions.
- Pinnacle West Capital Corp. (NYSE: PNW) (“Pinnacle West”) announced today that it is commencing a registered public offering of $650 million of its common stock in connection with the forward sale agreements described below, subject to market and other conditions.
- Pinnacle West intends to grant the underwriters the option to purchase up to an additional $97.5 million of its common stock.
- Such borrowed shares of Pinnacle West’s common stock will be delivered by the forward sellers for sale to the underwriters in the offering.
- Pinnacle West will not initially receive any proceeds from the sale of shares of its common stock by the forward sellers or their affiliates to the underwriters.