Company: MSEX
Filing Date: 2025-05-12
Form Type: 8-K
Source: 0001104659-25-047384
Chunk: 0

Company: MIDDLESEX WATER CO
Filing Date: 2025-05-12
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

On May 12, 2025, Middlesex Water Company (“ Middlesex”)
entered into an ATM Equity OfferingSMSales Agreement (the “ Equity Sales Agreement”) with BofA Securities,
Inc., Robert W. Baird & Co. Incorporated, and Janney Montgomery Scott LLC, as sales agents and/or principal (each, a “ Sales
Agent” and collectively, the “ Sales Agents”), to sell shares of Middlesex common stock, no par value (the
“ Common Stock”), from time to time at the then prevailing market prices in an amount not to exceed $110,000,000, (the
“ Shares”), through “at-the-market” offerings (the “ Offering”). Middlesex intends to
use the net proceeds from the sale of any Shares to fund our capital expenditures, to purchase and maintain plant equipment, as well as
other general corporate purposes.

Upon instruction by Middlesex to a Sales Agent,
and subject to the terms and conditions of the Equity Sales Agreement, such Sales Agent will use commercially reasonable efforts consistent
with their normal trading and sales practices, applicable state and federal laws, rules and regulations, and the rules of the Nasdaq Global
Select Market to sell Shares based upon Middlesex’s instructions for the sales, including any price, time or size limits specified
by Middlesex. Under the Equity Sales Agreement, the Sales Agents may sell the Shares by means of ordinary brokers’ transactions
on Nasdaq or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated
prices. The Sales Agents’ obligations to sell the Shares under the Equity Sales Agreement are subject to satisfaction of certain
conditions, including customary closing conditions.

The Equity Sales Agreement provides that
the Sales Agents will be entitled to compensation for their services in the form of a commission of up to 2.0% of the aggregate gross
proceeds from each sale of the Shares, and Middlesex has agreed to reimburse the Sales Agents for certain specified expenses, subject
to such limitations set forth in the Equity Sales Agreement. Middlesex is not obligated to sell any Shares under the Equity Sales Agreement.
The Equity Sales Agreement may be terminated by Middlesex at any time by giving advance written notice to the Sales Agents for any reason
or by each Sales Agent at any time, with respect to such Sales Agent only, by giving advance written notice to Middlesex for any reason
or immediately under certain circumstances, including but