ECD Ovonics Closes Unit Sale For $25 Million
Friday November 7, 5:33 pm ET
biz.yahoo.com
ROCHESTER HILLS, Mich., Nov. 7 /PRNewswire-FirstCall/ -- Energy Conversion Devices, Inc. (ECD Ovonics) (Nasdaq: ENER - News) today announced that it closed the sale for $25 million of 2,388,915 units of its securities at a price per unit of $10.465 based upon the closing price of ECD Common Stock on November 4, 2003, plus $.125. Each unit consists of one share of ECD Common Stock and one warrant to purchase one share of ECD Common Stock for $13.96 if exercised on or prior to May 2, 2005, and for $16.03 if exercised at any time thereafter, but prior to October 31, 2006.
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ECD will file a registration statement with the Securities and Exchange Commission to enable the resale of the shares issued and the shares issuable upon exercise of the warrants. The offering was made to three major institutional investors. Nolan Securities Corporation acted as placement agent.
About ECD Ovonics:
ECD Ovonics is the leader in the synthesis of new materials and the development of advanced production technology and innovative products. It has invented, pioneered and developed enabling technologies in the fields of energy and information leading to new products and production processes based on amorphous, disordered and related materials. ECD Ovonics' proprietary advanced information technologies include Ovonic(TM) phase-change electrical memory, Ovonic(TM) phase-change optical memory and the Ovonic(TM) Threshold Switch. The Company's portfolio of alternative energy solutions includes thin-film amorphous solar cells, modules, panels and systems for generating solar electric power; NiMH batteries; hydride storage materials capable of storing hydrogen in the solid state for use as a feedstock for fuel cells or internal combustion engines or as an enhancement or replacement for any type of hydrocarbon fuel; and fuel cell technology. ECD Ovonics designs and builds manufacturing machinery that incorporates its proprietary production processes, maintains ongoing research and development programs to continually improve its products and develops new applications for its technologies. ECD Ovonics holds the basic patents in its fields. More information on ECD Ovonics is available on www.ovonic.com .
This release may contain forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on assumptions which ECD Ovonics, as of the date of this release, believes to be reasonable and appropriate. ECD Ovonics cautions, however, that the actual facts and conditions that may exist in the future could vary materially from the assumed facts and conditions upon which such forward-looking statements are based.
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Source: Energy Conversion Devices, Inc. |
