DayStar Announces $63.8 Million Public Offering

October 30, 2007 by Jeff Shepard

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.