News

ECD Ovonics Closes Unit Sale for $5.6 Million

January 12, 2004 by Jeff Shepard

Energy Conversion Devices Inc. (ECD, Rochester Hills, MI) announced that it closed the sale for $5,592,922 of 573,339 units of its securities at a price per unit of $9.755. 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 investors purchasing the units had participated in the previously announced sale of $27.8 million of ECD Ovonics securities in November 2003. ECD Ovonics will amend its registration statement with the Securities and Exchange Commission for the additional securities to enable the resale of the shares issued, and the shares issuable upon exercise of the warrants.