Evergreen Solar Inc. (Marlboro, MA), a developer, marketer and manufacturer of photovoltaic products, announced that it had agreed to sell approximately $20 million of equity in a private placement of common stock and warrants to purchase common stock. The company also announced that substantially all of the holders of outstanding shares of Series A convertible preferred stock had agreed to convert their shares into common stock in conjunction with the closing of the private placement financing.
The company expects that, upon completion of the common stock financing and the preferred stock conversion, the number of outstanding shares of capital stock will be approximately 47 million, all of which will be shares of common stock with an additional approximately 10 million shares of common stock reserved for issuance upon the exercise of outstanding stock options and warrants. The company expects the transaction to close on June 21, 2004. The Company intends to use the net proceeds of approximately $18.5 million to increase its manufacturing capacity, to accelerate its advanced technology development programs, and for general corporate purposes.
