AstroPower stock sale put on hold
Market conditions poor
By ESTEBAN PARRA
Staff reporter
11/22/2000
AstroPower Inc. said Tuesday it will wait for market conditions to
improve before going ahead with a planned stock sale.
The Newark-based solar-cell maker hopes the eventual sale will raise
about $79 million for its ongoing expansion in Delaware.
"It is truly temporary," said AstroPower President and Chief Executive
Officer Allen M. Barnett. "If the market would turn around in two days,
we would reconsider."
The company, which filed its registration statement with the Securities
and Exchange Commission Nov. 3, had expected to sell about 2
million shares before year's end. It based the sale value on a share
price of $41.88.
AstroPower's stock closed down 75 cents at $30.50 Tuesday. Its
shares hit a high of $60.63 last month -- four times the trading price
at the beginning of the year.
"I applaud their decision to hold off," said Greg Haas, an analyst with
Raymond James in Houston, Texas.
Haas said the company is "solid," adding that the decision falls in line
with what other companies are doing as the market continues its poor
showing.
Money raised from the stock sale would go toward the company's
expansion in Delaware, where as many as 300 will be hired. That
expansion includes an additional facility in the Newark area.
The growth could triple production at AstroPower's Pencader complex,
where it currently employs about 450 people, Barnett said.
Reach Esteban Parra at 324-2299 or send an e-mail.
S P O N S O R S
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