Cardinal Infrastructure Group Prices Upsized $292 Million Offering
Raleigh-based Cardinal Infrastructure Group has priced an upsized public offering of 4 million shares of its Class A common stock at $73.00 per share. The move is set to generate approximately $292 million in gross proceeds, providing the infrastructure firm with significant capital as it pursues regional expansion strategies.
The offering, which hit the market on June 24, 2026, includes an additional 30-day option for underwriters to purchase up to 600,000 extra shares. If fully exercised, the total capital raised would increase further. The company expects the transaction to close on June 26, 2026, pending standard closing conditions. Stifel, William Blair, and Truist Securities are serving as the book-running managers for the deal.
Cardinal Infrastructure Group, which trades on the Nasdaq under the ticker CDNL, specializes in integrated civil and site-development services across the Southeast. The firm operates on a self-performing model, utilizing its own labor force and specialized equipment to manage projects. This capital infusion follows a registration statement that was declared effective by the Securities and Exchange Commission earlier the same day.
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