JFB Construction announces $44M private placement priced ATM

JFB Construction (JFB) announced that it has entered into a securities purchase agreement with American Ventures LLC, Series XIV JFB as the sole investor for a private investment in public equity financing that is expected to result in gross proceeds to the company of approximately $ 43,895,000 , before deducting placement agent fees and offering expenses. The company intends to use $12M of the net proceeds from the offering to retire the company’s Class B Common Stock, owned by Joseph F. Basile III, the company’s CEO, pursuant to a Share Redemption Agreement, and the remainder of the proceeds shall be used for general corporate operating expenses. Dominari Securities acted as the exclusive placement agent for the PIPE financing.