AMCS: Pricing of Equity Offering
DEVENS, Mass. - American Superconductor Corporation (Nasdaq:AMSC), a global solutions provider serving wind and power grid industry leaders, announced that it has priced its underwritten registered direct offering of common stock units.
AMSC announced that it has agreed to sell 9,090,909 common stock units to a single investor. Each common stock unit consists of one share of common stock and 0.90 of a warrant to purchase one share of common stock, at an offering price of $1.10 per common stock unit. Each warrant included in a common stock unit will have an exercise price of $1.10 per share, will be exercisable immediately from the date of issuance and will expire on November 12, 2019. The shares of common stock and the warrants will be immediately separable and will be issued separately. The net proceeds to AMSC from this offering are expected to be approximately $9.0 million, after deducting the underwriting discount and estimated offering expenses. AMSC expects to close the offering, subject to customary conditions, on or about November 12, 2014.
In connection with the offering, Cowen and Company, LLC acted as lead book-running manager and MLV & Co. LLC served as co-manager.
The offering of common stock units was made pursuant to AMSC's shelf registration statement filed with the Securities and Exchange Commission (SEC) and declared effective. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.
A preliminary prospectus supplement describing the terms of the offering has been filed with the SEC and a final prospectus supplement will be filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus relating to the securities being offered may also be obtained, when available, from Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, via telephone at 631-274-2806 or via facsimile at 631-254-7140. Electronic copies of the final prospectus supplement and accompanying prospectus will also be available on the SEC's website at http://www.sec.gov.
Senior Manager, Corporate Communications
Email: Kerry.Farrell @ amsc.com