SatCon Recieves $5.8 Million From Brown Simpson Warrant Excercise
TUESDAY, MAY 29, 2001 11:05 AM
- BusinessWire
CAMBRIDGE, Mass., May 29, 2001 (BUSINESS WIRE) -- SatCon Technology Corporation(R) (Nasdaq:SATC), a provider of power and energy management products for the digital power marketplace, announced today that Brown Simpson Partners I, Ltd. has exercised a warrant to purchase 675,000 shares of SatCon's common stock. The aggregate gross proceeds to SatCon, as a result of the warrant exercise, were approximately $5.8 million. In connection with the warrant exercise, Brown Simpson received a new warrant to purchase 438,750 shares of SatCon's common stock at an exercise price of $16.70 per share. The new warrant has a term of three years.
"The exercise of this warrant provides SatCon with a stronger cash position and allows us to more effectively pursue new business opportunities," said David Eisenhaure, SatCon's President and Chief Executive Officer. "With the current opportunities in the energy markets, we think we are positioned for growth with our proprietary electronics, software and control systems including our UPS and power quality systems and power conversion electronics for alternative energy power sources. These alternative energy initiatives have also received favorable attention in the recently released national energy policy from the current administration." |
