AstroPower Sets Initial Public Offering at Two Million Shares

AstroPower Inc. has announced that it has filed an S-3 Registration Statement with the Securities and Exchange Commission relating to a proposed public offering of two million shares of common stock to be sold by the company. In addition, the offering will include a 300,000 share over-allotment option granted to the underwriters consisting of 200,000 shares to be sold by the company and 100,000 shares to be sold by certain stockholders of the company.

The net proceeds to the company from the offering will be used for the major expansion of manufacturing capacity and associated capital expenditures, research and development, working capital, and other general corporate purposes. The managing underwriters for the offering are Chase H&Q, Credit Suisse First Boston, CIBC World Markets, and FAC/Equities.