Company: MSEX
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001174947-25-001119
Chunk: 41

Company: MIDDLESEX WATER CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1
Chunk 41
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 through the fourth
quarter of 2025.

In order to fully fund the ongoing investment program
in our utility plant infrastructure and maintain a balanced capital structure consistent with regulators’ expectations for a regulated
water utility, Middlesex may offer for sale additional shares of its common stock. The amount, timing and method of sale of common stock
is dependent on the timing of construction expenditures, the level of additional debt financing and financial market conditions. As approved
by the NJBPU, the Company is authorized to issue and sell up to 1.0 million shares of its common stock in one or more transactions through
December 31, 2025.

On May 12, 2025, Middlesex entered into an At -the-Market
(ATM) Equity Offering Sales Agreement (Equity Sales Agreement) with BofA Securities, Inc., Robert W. Baird & Co. Incorporated, and
Janney Montgomery Scott LLC, pursuant to which Middlesex may offer and sell shares of its common stock, no par value per share, from time
to time in “at-the-market” offerings, having an aggregate gross sales price of up to $110.0 million. The Company intends to
use the net proceeds from these sales, after deducting commissions and offering expenses, to fund our capital expenditures, to purchase
and maintain plant equipment, as well as for other general corporate purposes. Since the inception of the Equity Sales Agreement through
June 30, 2025, the Company has issued and sold 63,955 shares of common stock at a weighted average price of $57.23 for a total net proceeds
of $3.6 million and has $106.3 million of aggregate gross sales price of shares remaining to issue under the Equity Sales Agreement as
of June 30, 2025. 

26 

In May 2025, Middlesex filed a petition with the NJBPU
seeking approval to issue and sell up to 2.5 million shares of its common stock during the period January 2026 through December 2028,
in one or more offerings through a traditional underwritten public offering and/or an ATM offering, in order to fund portions of its capital
program and other funding requirements. The NJBPU is expected to render its decision on this petition in the third quarter of 2025.

Recent Accounting Pronouncements – See
Note 1 of the Notes to Unaudited Condensed Consolidated Financial Statements for a discussion of recent accounting pronouncements and