AMSC Sets Price for Public Common Stock Offering
American Superconductor Corp. (AMSC, Westborough, MA) announced that it has set the price for the public offering of 4,975,000 shares of its common stock at $9.50 per share. The offering is expected to close on October 8, 2003. The net proceeds from the offering will be approximately $44.5 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.