American Superconductor Completes Stock Sale

November 03, 2003 by Jeff Shepard

American Superconductor Corp. (AMSC, Westborough, MA) announced that it has completed the sale of an additional 746,250 shares of its common stock, at a price to the public of $9.50 per share, pursuant to the exercise of the underwriters' over-allotment option in connection with the company's recent public offering.

The net proceeds from the over-allotment option exercise are approximately $6.7 million. Total net proceeds to the company as a result of this offering, after deducting the underwriting discounts and commissions, are approximately $51.1 million. American Superconductor intends to use the net proceeds of the offering primarily for working capital and for general corporate purposes, including the scale-up of pilot manufacturing for second-generation, high-temperature superconductor wire.