Global Water Resources (GWRS) said Tuesday it launched an underwritten public offering of common stock.

The company expects to grant the underwriters a 30-day option to buy up to an additional 15% of the shares at the public offering price, minus underwriting discounts and commissions.

Global Water Resources said it plans to use the net proceeds from the offering to support acquisitions, working capital, and other general corporate needs.

Shares of Global Water were down 3.5% in recent after-hours activity.