American Superconductor Completes Stock Sale
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.