News

DayStar Announces Closing Of Equity Follow-On Offering

November 05, 2007 by Jeff Shepard

DayStar Technologies, Inc. announced the closing of its follow-on public offering of 15,000,000 shares of common stock by the company and that the underwriters for the offering have exercised in full their option to purchase an additional 2,250,000 shares of common stock to cover over-allotments. The net proceeds from the offering to the company were approximately $68 million.

DayStar has used approximately $9.2 million of the proceeds from the offering for the repayment in full of existing indebtedness for borrowed funds and plans to use the remaining net proceeds from the offering to engineer to- scale and manufacture the company’s proprietary deposition tool, as well as 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.