Cardinal Infrastructure raises $336M in stock offering

Cardinal Infrastructure Group (NASDAQ: CDNL) closed an underwritten public offering of 4,000,000 shares of Class A common stock at $73.00 per share, according to a company statement dated June 26, 2026.

The underwriters, Stifel, William Blair, and Truist Securities, exercised their option in full to purchase an additional 600,000 shares on the same terms. All shares were offered by the company.

Total gross proceeds from the offering were approximately $336 million, before underwriting discounts, commissions, and other offering expenses.

The registration statement on Form S-1 relating to the offering was declared effective by the Securities and Exchange Commission on June 24, 2026.

Cardinal Infrastructure Group is a Raleigh, N.C.-based provider of civil and site-development infrastructure services operating primarily in the southeastern United States.

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