Form 4: ORIX Corp Sells 3.7 Million Shares of Ormat Technologies in Secondary Offering

ORIX Corporation sold 3.7 million shares of Ormat Technologies common stock at $75.38 per share in a secondary offering.

Summary

• ORIX Corporation sold 3,700,000 shares of Ormat Technologies common stock on December 13, 2024.
• The sale was executed at a price of $75.38 per share, which is the public offering price of $76.20 less an underwriting discount of $0.82 per share.
• The sale was part of a secondary offering underwritten by Goldman Sachs & Co. LLC.
• ORIX still holds 555,000 shares that are subject to an over-allotment option, which the underwriter can exercise within 30 days of December 11, 2024.

Sentiment

Score: 5

Explanation: The document describes a standard secondary offering, which is neither particularly positive nor negative for the company's outlook.

Risks

• The underwriter's option to purchase an additional 555,000 shares could lead to further dilution of Ormat Technologies' stock if exercised.

Future Outlook

The underwriter has an option to purchase an additional 555,000 shares within 30 days of December 11, 2024.

Industry Context

Secondary offerings are a common way for large shareholders to reduce their stake in a company, and this transaction is not unusual in the financial markets.

Comparison to Industry Standards

• Secondary offerings are a standard practice for large shareholders to monetize their investments.
• The underwriting discount of $0.82 per share is within the typical range for such transactions.
• The over-allotment option is a common feature in secondary offerings, allowing underwriters to cover potential demand.

Stakeholder Impact

• The sale of shares may have a minor impact on the stock price of Ormat Technologies.
• The transaction reduces ORIX Corporation's stake in Ormat Technologies.

Next Steps

• The underwriter may exercise its over-allotment option within 30 days of December 11, 2024.

Key Dates

Keywords

Ormat Technologies, ORIX Corporation, secondary offering, share sale, Goldman Sachs, over-allotment option