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Orbital Energy Group, Inc. Announces Closing Of $35 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules

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HOUSTON, Jan. 19, 2021 /PRNewswire/ -- Orbital Energy Group, Inc. (Nasdaq: OEG) ("Orbital" or the "Company"), today announced the closing of its previously announced registered direct offering. The Company sold 10,000,000 shares of its common stock at a price of $3.50 per share for gross proceeds to the Company of $35 million, before deducting commissions and estimated offering expenses.

(PRNewsfoto/Orbital Energy Group, Inc.)
(PRNewsfoto/Orbital Energy Group, Inc.)

A.G.P./Alliance Global Partners acted as sole placement agent for the offering.

Orbital's CEO and vice-chairman, Jim O'Neil, commented, "This cash infusion enables Orbital to take a much more aggressive stance in growing both organically and through strategic acquisitions. The capital will be used to enhance the growth and development of Orbital Power Services and our new foundation division, Eclipse, as well as to fund mobilization costs associated with upcoming large solar projects at Orbital Solar Services. Additionally, this raise will allow us to consider previously unavailable acquisition targets that can enhance our growth and transition to profitability. All-in-all, this financing, completed at very attractive terms, is a very positive development for our Company, our customers, our employees, and our shareholders."

The securities were offered pursuant to an effective shelf registration statement on Form S-3 (File No. 333-239914) previously filed with the U.S. Securities and Exchange Commission (the "SEC"). A prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available for free on the SEC's website at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Orbital
Orbital Energy Group, Inc. (Nasdaq: OEG), formerly known as CUI Global, Inc., is creating a diversified energy services platform through the acquisition and development of innovative companies. Orbital Energy's group of businesses includes: Orbital Gas Systems, Inc., Orbital Power Services and Orbital Solar Services. Orbital Gas Systems is a 30-year leader in innovative gas solutions, serving the energy, power and processing markets through the design, installation and commissioning of industrial gas sampling, measurement and delivery systems. Orbital Power Services provides engineering, construction, maintenance and emergency response solutions to the power, utilities and midstream markets. Orbital Solar Services provides engineering, procurement and construction ("EPC") expertise in the renewable energy industry and established relationships with solar developers and panel manufacturers in the utility scale solar market. As a publicly traded company, Orbital Energy is dedicated to maximizing shareholder value. But most important, our commitment to conduct business with a high level of integrity, respect, and philanthropic dedication allows the organization to make a difference in the lives of their customers, employees, investors and global community.

Forward Looking Statements
This press release contains certain 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 and Private Securities Litigation Reform Act, as amended, including those relating to the timing and completion of the proposed offering and other statement that are predictive in nature. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any results, performance or achievements expressed or implied by the forward-looking statements. Such factors include the risk factors set forth in the Company's filings with the SEC, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2019, its periodic reports on Form 10-Q, and its Current Reports on Form 8-K filed in 2020, as well as the risks identified in the shelf registration statement and the prospectus supplement relating to the offering. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. Orbital undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Investor Relations:
KCSA Strategic Communications
David Hanover
T: 212-896-1220
orbital@kcsa.com

Cision
Cision

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SOURCE Orbital Energy Group, Inc.