DESC Completes Stock Sales Under Equity Shelf Program
[Only one reason I can think of why the Company would terminate sales under a shelf plan - the price is just too low]
Here is the PR dated Wednesday May 17, 4:56 pm ET
biz.yahoo.com
WALLINGFORD, Conn., May 17 /PRNewswire-FirstCall/ -- Distributed Energy Systems Corp. (Nasdaq: DESC - News) announced today that it has ended the sale of shares of its common stock under its previously disclosed equity distribution agreement with UBS Securities LLC.
Through the program, which was initiated in April 2006, the company authorized the sale of shares from time to time on the open market. Stock sales under the program began on April 12th, with aggregate sales to date of 1,171,297 shares, resulting in net proceeds to Distributed Energy of $7,485,648.
The company said it intends to use the additional funds to grow its product and service offerings in complementary markets, to enable project and lease financing arrangements of customer purchases, to accommodate additional working capital for a growing backlog of orders, and for general corporate purposes. |
