Maxwell Technologies Announces Closing Of 2-Million-Share Stock Offering

May 26, 2009 by Jeff Shepard

Maxwell Technologies, Inc. announced the closing of its previously reported underwritten public offering of two million shares of Maxwell common stock at $8.80 per share. The company plans to use proceeds of approximately $16.3 million, net of underwriting fees, for working capital and general corporate purposes. The company also has granted Roth Capital Partners, sole manager of the offering, an over allotment option to purchase up to 300,000 additional shares at the offering price.

With the successful closing of this offering, the company has suspended the equity distribution program through which it previously had sold common stock.

A shelf registration statement relating to the common stock has been filed with, and was declared effective by, the Securities and Exchange Commission.