The Future of DIRTT
DIRTT Environmental Solutions recently made two public announcements that caught our attention. The first, back in May, was its 1Q 2015 business results. The second, in June, was the completion of a $43 million “bought deal” stock offering led by Raymond James and joined by six other securities companies. The routine quarterly report was anything but routine in its magnitude. Quarterly sales were up 40% and trailing 12 month sales were up 36% to $203.5 million (DIRTT reports in Canadian dollars, so the $203 translated at the time to ~$150 million US). For our readers who are not in the securities business, a “bought deal” is a stock offering at a specified price – in this case $8.35 per share – wherein all the shares offered are bought, up front, by the securities companies. Even though the securities companies buy the shares at a discounted price below the offered price, …
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