Ram, Guess I was a bit too modest in my response (316):
"Compare that to AMSC which can now issue 1m shares and obtain $35m for it in a flash. Seeing they still have enough cash to treat their current burn rate for another few quarters, I expect they will only do it at above the $50 price level."
Following announcement out today:
American Superconductor Announces Pricing of Public Offering of
$218,750,000 of Common Stock
WEDNESDAY, MARCH 01, 2000 10:15 AM
- BusinessWire
WESTBOROUGH, Mass., Mar 1, 2000 (BUSINESS WIRE) -- American Superconductor
Corporation (Nasdaq:AMSC) announced today that it has set the price for the public offering
of 3,500,000 shares of its common stock at $62.50 per share. Closing of the offering is
scheduled for March 6, 2000.
The net proceeds from the offering will be approximately $205,175,000. American
Superconductor intends to use the net proceeds of the offering for equipment, a new plant for
manufacturing HTS wire, a new SMES systems manufacturing facility, to pay costs
associated with designing and manufacturing HTS motors, as well as general corporate
purposes.
Banc of America Securities LLC is acting as the managing underwriter for the offering.
Co-managers are CIBC World Markets and Robertson Stephens. American Superconductor
has also granted the underwriters an option exercisable up until March 30, 2000 to purchase
up to an additional 525,000 shares of its common stock at a price of $62.50 per share, solely
to cover over-allotments, if any.
Note: The offering of the common stock may be made only by means of a prospectus. A
copy of the prospectus may be obtained from Banc of America Securities LLC, 600
Montgomery Street, San Francisco, CA 94111.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor
shall there be any sale of these securities in any State in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the securities laws of any
such State.
American Superconductor American Superconductor Corporation, headquartered in
Westborough, Mass., was founded in 1987 and is a world leader in developing and
manufacturing products utilizing superconducting materials for electric power applications.
The company's products, and products sold by electrical equipment manufacturers that
incorporate our products, can dramatically increase the capacity and reliability of power
delivery networks, significantly reduce the manufacturing costs of electrical equipment such
as motors and generators, lower electrical operating costs and conserve resources that are
used to produce electric power.
Copyright (C) 2000 Business Wire. All rights reserved.
Distributed via COMTEX.
-0-
CONTACT: Media Contact
Kevin Coates
202-457-9400
kcoates@amsuper.com
or
Investor Contact
Stan Piekos
508-621-4220
spiekos@amsuper.com |
