Shimmick Corporation Prices Underwritten Public Offering of Common Stock
Rhea-AI Summary
Shimmick (NASDAQ: SHIM) priced an underwritten public offering of 3,730,000 common shares at $3.50 per share. Underwriters have a 30-day option for 559,500 additional shares. Net proceeds are expected to be about $12.2 million, funding working capital and general corporate purposes.
Positive
- Expected net proceeds of approximately $12.2 million to support working capital and corporate uses
- Offering price of $3.50 per share with demand sufficient for an underwritten deal
- 30-day overallotment option for 559,500 additional shares may increase total capital raised
- Use of effective Form S-3 shelf registration streamlines current and potential future capital raises
Negative
- Issuance of 3,730,000 new shares will dilute existing common shareholders
- Additional 559,500 shares under the overallotment option could further increase dilution
News Market Reaction – SHIM
In the May 22 session, SHIM declined 8.19%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 14 | Q1 2026 earnings | Neutral | -1.0% | Reported Q1 revenue, margins, backlog and reaffirmed 2026 guidance. |
| May 04 | Earnings date notice | Neutral | +0.2% | Announced timing and access details for Q1 2026 earnings release. |
| Apr 28 | COO appointment | Positive | -15.4% | Named new EVP and COO with 27 years of construction experience. |
| Mar 17 | New project awards | Positive | +2.6% | Secured about $256M of new water and electrical infrastructure projects. |
| Mar 12 | FY 2025 earnings | Positive | +14.6% | Reported FY2025 results with strong backlog and 2026 growth guidance. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Price has generally tracked news tone, with one notable divergence on a positive COO appointment.
Over recent months, Shimmick reported Q4 2025 revenue of $100 million and FY2025 revenue of $493 million, with backlog near $793 million, followed by Q1 2026 revenue of $88 million and backlog around $944 million. Operational updates included securing about $256 million of new water-focused awards and appointing a new COO effective April 28, 2026. Market reactions ranged from a 14.64% rise on FY results to a 15.44% drop on the COO news. Today’s underwritten offering adds a capital-raising step to this trajectory.
Key Terms
underwritten public offering financial
shelf registration statement regulatory
form s-3 regulatory
prospectus supplement regulatory
base prospectus regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
IRVINE, Calif., May 22, 2026 (GLOBE NEWSWIRE) -- Shimmick Corporation (NASDAQ: SHIM), a leading infrastructure solutions provider in water, electrical and other critical infrastructure construction services, today announced the pricing of an underwritten public offering of 3,730,000 shares of its common stock at a price of
Roth Capital Partners is acting as sole manager for the offering.
Shimmick Corporation intends to use the net proceeds from the offering for working capital and general corporate purposes.
The shares of common stock are being offered by Shimmick pursuant to a “shelf” registration statement on Form S-3 (File No. 333-288513) previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on July 10, 2025. The public offering of common stock is being made only by means of a prospectus supplement and accompanying prospectus. A prospectus supplement and the accompanying prospectus relating to the shares of common stock being offered will be filed with the SEC and available on the SEC's website at http://www.sec.gov. When available, copies of the prospectus supplement and accompanying base prospectus relating to this offering may also be obtained from Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800) 678-9147.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Shimmick Corporation
Shimmick Corporation ("Shimmick", the "Company") (NASDAQ: SHIM) is an industry leader in delivering turnkey infrastructure solutions that strengthen critical markets across water, energy, climate resiliency, and sustainable transportation. With a track record that spans over a century, Shimmick, headquartered in California, unites deep engineering heritage with entrepreneurial spirit to tackle today's most complex infrastructure challenges. We integrate technical excellence with collaborative project delivery methods to provide innovative, technology-driven infrastructure solutions that accelerate economic growth and empower communities nationwide. For more information, visit www.shimmick.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of U.S. federal securities laws. These forward-looking statements are often characterized by the use of words such as “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Forward-looking statements are only predictions based on our current expectations and our projections about future events, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law. Forward-looking statements contained in this release include, but are not limited to, statements about our public offering, including the size and timing of the public offering[, the granting of an option by us to the underwriters to purchase additional shares of common stock from us] and the proposed use of proceeds of the public offering. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Forward-looking statements are only predictions based on our current expectations and our projections about future events, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law.
We wish to caution readers that, although we believe any forward-looking statements are based on reasonable assumptions, certain important factors may have affected and could in the future affect our actual financial results and could cause our actual financial results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on our behalf, including, but not limited to, the following: our ability to accurately estimate risks, requirements or costs when we bid on or negotiate a contract; the impact of our fixed-price contracts; qualifying as an eligible bidder for contracts; the availability of qualified personnel, joint venture partners and subcontractors; inability to attract and retain qualified managers and skilled employees and the impact of loss of key management; higher costs to lease, acquire and maintain equipment necessary for our operations or a decline in the market value of owned equipment; subcontractors failing to satisfy their obligations to us or other parties or any inability to maintain subcontractor relationships; marketplace competition; our inability to obtain bonding; our limited operating history as an independent company following our separation from AECOM, our prior owner our relationship and transactions with our prior owner; our prior owner defaulting on its contractual obligations to us or under agreements in which we are beneficiary; our limited number of customers; any inability to successfully expand our business into new markets or geographies; dependence on subcontractors and suppliers of materials; any inability to secure sufficient aggregates; an inability to complete a merger or acquisition or to integrate an acquired company’s business; adjustments in our contract backlog; accounting for our revenue and costs involves significant estimates, as does our use of the input method of revenue recognition based on costs incurred relative to total expected costs; material impairments; any failure to comply with covenants under any current indebtedness, and future indebtedness we may incur; the adequacy of sources of liquidity; the outcome of any legal or regulatory proceedings to which we are, or may become, a party, including our appeal of the USACE’s notice of termination related to the Chickamauga Lock project; the effectiveness of our disclosure controls and procedures; cybersecurity attacks against, disruptions, failures or security breaches of, our information technology systems; seasonality of our business; commodity products price fluctuations, inflation (and actions taken by monetary authorities in response to inflation) and/or elevated interest rates; climate change; deterioration of the U.S. economy; changes in state and federal laws, regulations or policies under the current presidential administration, including changes in trade policies and regulations, including increases or changes in duties, current and potentially new tariffs or quotas and other similar measures, as well as the impact of retaliatory tariffs and other actions, changes to tax legislation, including the passage of the One Big Beautiful Bill Act, potential changes to the amounts provided for under the Infrastructure Investment and Jobs Act, changes to immigration laws, as well as other legislation and executive orders or decreases or delays in or uncertainties related to governmental spending, and geopolitical risks, including those related to the war between Russia and Ukraine and the conflict and potential regime change in Iran, as well as other hostilities in the Middle East, and related disruptions to global energy markets; and other risks detailed in our filings with the Securities and Exchange Commission, including the “Risk Factors” section in our Annual Report on Form 10-K for the fiscal year ended January 2, 2026 and those described from time to time in our future reports with the SEC.
Investor Relations: IR@shimmick.com 1-949-704-2350
Media Contact: Lee Ann Ballew LeeAnn.Ballew@shimmick.com
