DayStar Technologies, Inc. announced the pricing of an underwritten public offering of 15,000,000 shares of common stock, all of which are being sold by the company at $4.25 per share before underwriting discounts and commissions. DayStar has granted the underwriters a 30-day option to purchase up to an additional 2,250,000 shares to cover any over-allotments.
DayStar plans to use the net proceeds from the offering for the repayment in full of $9.2 million of existing indebtedness for borrowed funds and to engineer to-scale and manufacture the company’s proprietary deposition tool. The company intends to use the remaining net proceeds from the offering for the construction of a 25MW manufacturing line, working capital and other general corporate purposes.
ThinkEquity Partners LLC acted as bookrunning lead manager for the offering with Broadpoint Capital, Inc. acting as co-manager.