DayStar Technologies, Inc. announced the filing with the Securities and Exchange Commission of an amended registration statement on Form SB-2 pursuant to which the company intends to offer 15,000,000 shares of common stock. In connection with the offering, DayStar will grant the underwriters an option to purchase up to an additional 2,250,000 shares of common stock 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 will serve as the sole bookrunning lead manager for the proposed offering.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.
