U.S. Dry Cleaning Services announces public offering of common stock
Troutman Sanders was recognized in a September 3 MarketLine Financial Deals Tracker article for its role as legal advisor to U.S. Dry Cleaning Services Corporation, which has filed a registration statement with the U.S. Securities and exchange Commission (SEC) for a public offering of shares of common stock and warrants to purchase shares of its common stock to raise gross proceeds of approximately $15.01 million. U.S. Dry Cleaning intends to use the net proceeds from the sale to acquire Advent Cleaners, repay existing debt, open new stores, establish new deliver routes, fund capital expenditures at several of its stores and plants, and fund additional acquisitions.
Orange County partner Larry Cerutti and associate Rushika Kumararatne de Silva were the firm lawyers involved in the deal.