Note 17 - Subsequent Events

6 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

17.

Subsequent Events

The Company has performed an evaluation of subsequent events through the time of filing this Quarterly Report on Form

10

-Q with the SEC and has determined that other than the following information, there are

no

such events to report.  

On

October 1, 2020,

the Company entered into the Stock Purchase Agreement with the selling stockholders named therein.  Pursuant to the terms of the Stock Purchase Agreement and concurrently with entering into such agreement, the Company acquired all of the issued and outstanding (i) shares of capital stock of NEPSI, and (ii) membership interests of Northeast Power Realty, LLC, a New York limited liability company, which holds the real property that serves as NEPSI's headquarters.  NEPSI is a U.S.-based global provider of medium-voltage metal-enclosed power capacitor banks and harmonic filter banks for use on electric power systems. NEPSI is now a wholly-owned subsidiary of the Company and will be operated by the Grid business unit. The NEPSI purchase price was

$26.0

million in cash on hand, including cash from the settlement of the Company's

$25

million certificate of deposit during the

three

months ended

September 30, 2020,

and

873,657

restricted shares of common stock of the Company.  The transaction also includes an earn-out opportunity with the potential for the issuance of up to an additional

1.0

 million shares of common stock of the Company to the selling stockholders based on the achievement by NEPSI of certain revenue targets for the fiscal years ending

March 31, 2021 

through

March 31, 2024.

The Company assumed

no

debt in this transaction. NEPSI's results of operations will be included in the Company's consolidated financial statements beginning on

October 1, 2020.

On

October 26, 2020,

the Company completed the Offering of

3,670,000

shares of common stock of the Company at a public offering price of

$15.00

per share.  The net proceeds to the Company from the Offering were approximately

$51.4

million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. In addition, the Company has granted the underwriters a

30

-day option to purchase up to an additional

550,500

shares of common stock at the public offering price.