American Superconductor Announces Public Offering of Common Stock

November 11, 2010 by Jeff Shepard

American Superconductor Corp. announced that it has commenced an underwritten registered public offering of 4.6 million shares of its common stock. AMSC intends to grant the underwriters an option to purchase up to an additional 15% percent of the shares sold to cover over-allotments, if any. Morgan Stanley & Co. Incorporated, Deutsche Bank Securities Inc. and Jefferies & Company, Inc. are acting as lead book-running managers for the offering. Pacific Crest Securities LLC will serve as co-manager.

The shares will be issued pursuant to a prospectus supplement filed as part of a shelf registration statement filed with the Securities and Exchange Commission on Form S-3. AMSC intends to use the net proceeds of this offering to expand its superconductor wire manufacturing capacity, to pursue strategic business relationships for the purpose of executing its growth and diversification strategies, including minority investments and acquisitions, and for other general corporate purposes.