ECD Ovonics Closes Unit Sale for $25 Million
Energy Conversion Devices Inc. (ECD, Rochester Hills, MI) announced that it closed the sale for $25 million of 2,388,915 units of its securities at a price per unit of $10.465 based upon the closing price of ECD common stock on November 4, 2003, plus $0.125. Each unit consists of one share of ECD common stock and one warrant to purchase one share of ECD common stock for $13.96 if exercised on or prior to May 2, 2005, and for $16.03 if exercised at any time thereafter, but prior to October 31, 2006.
The company will file a registration statement with the Securities and Exchange Commission to enable the resale of the shares issued and the shares issuable upon exercise of the warrants. The offering was made to three major institutional investors. Nolan Securities Corporation acted as placement agent.