ALLETE, Inc. (ALE) Announces 2.95M Share Offering of Common Stock

ALLETE, Inc. (NYSE: ALE) (the “Company”) today announced that it plans to commence an underwritten public offering of up to 2,950,000 shares of its common stock, subject to market conditions. In conjunction with this offering, the underwriters will be granted an option to purchase up to an additional 442,500 shares of the Company’s common stock.

The Company intends to use the net proceeds from this offering for corporate purposes, including, without limitation, the payment of the purchase price for the acquisition of New Energy Equity as well as capital investments.

J.P. Morgan and BofA Securities are acting as joint book-running managers for the offering.

The offering will be made under the Company’s existing shelf registration statement filed with the Securities and Exchange Commission, which became effective on July 31, 2019.

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