Beacon Power Issues Additional 1.2 Million Shares
Beacon Power Corp. (Woburn, MA) issued an additional 1.2 million shares of common stock as a result of the exercise of the over-allotment option granted to the underwriters in the initial public offering. Proceeds from the exercise of the over-allotment option totaled $6,696,000, bringing total gross proceeds from the initial public offering from $44.6 million to approximately $51.3 million.
The company plans to use the proceeds for general corporate purposes, including research and product development, sales and marketing expenses, working capital, capital expenditures, and potential acquisitions.
The lead underwriter of the offering was Salomon Smith Barney Inc., and the co-managers were Banc of America Securities LLC and CIBC World Markets Corp.