Porter Hedges Represents U.S. Well Services in a $25 Million Registered Direct Offering
Porter Hedges represented U.S. Well Services, Inc. (NASDAQ: USWS) (“USWS”) in the sale of 14,180,375 shares of its common stock at a price of $1.763 per share, for anticipated gross proceeds of approximately $25 million, before deducting placement agent’s fees and other offering expenses. The closing of the offering occurred on March 11, 2022.
USWS intends to use the net proceeds from the offering for working capital purposes, including the funding of certain capital expenditures.
U.S. Well Services, Inc. is a leading provider of hydraulic fracturing services and a market leader in electric fracture stimulation. The Company's electric frac technology dramatically decreases emissions and sound pollution while generating exceptional operational efficiencies, including significant customer fuel cost savings versus conventional diesel fleets.