Red Lion Hotels Corp. priced an underwritten public offering of 2,250,000 shares of common stock at $8.00 apiece.
The company expects net proceeds of $16.9 million before payable offering expenses. Underwriters have a 30-day option to acquire up to an additional 249,999 shares to cover overallotments.
The company plans to use the proceeds for general corporate purposes, which may include acquisitions and supporting working capital needs.
The offering is expected to close on or about Dec. 20.
Craig-Hallum Capital Group LLC and B. Riley & Co. LLC are joint book-running managers for the offering.