Two very different sustainable companies have announced stock offerings.
Interface, Inc. (Nasdaq: IFSIA), sustainable floorcoverings and fabrics leader, plans to sell 5 million shares of its Class A common stock in an underwritten public offering. The proceeds will pay down debt and will be used for general corporate purposes. Medis Technologies Ltd. (NASDAQ:MDTL), a development stage company in micro-fuel cells plans to 1.5 million shares of its common stock. Medis will not receive any proceeds of the offering. The registered offering will be used by an affiliate of Citigroup to facilitate hedging transactions undertaken by purchasers of Medis’ Series A preferred stock concurrently being offered by Medis in a private placement.
Medis does not expect the borrowed shares to be considered issued or outstanding for accounting purposes and accordingly does not expect the borrowed shares to have a dilutive impact on its earnings per share.
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