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Evergreen Solar: Public Offering of Common Stock
Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.
Evergreen Solar, Inc. ("Evergreen Solar") announced that it priced its previously announced public offering of common stock at a price to the public of $1.80 per share for a total of 37,000,000 shares to be sold in the offering.
The offering will result in gross proceeds of $66.6 million and net proceeds, after deducting underwriting commissions and other offering expenses, of approximately $63.0 million to Evergreen Solar. Evergreen Solar also granted the underwriter a 30-day option to purchase up to an additional 5,550,000 shares of its common stock. The offering is expected to close on or about May 26, 2009.
Evergreen Solar expects to use the net proceeds from the offering (1) to fund its planned initial 100 MW wafer manufacturing facility in Wuhan, China, which, assuming the Wuhan government provides or facilitates financing for approximately two-thirds of the initial expansion cost, is expected to require between $15 million and $20 million; (2) to purchase capital equipment required for further expansion of its Midland, Michigan string factory; and (3) for general corporate purposes, including working capital and possible payments to its Sovello joint venture (or Sovello's lenders) that may be required under certain circumstances.
Piper Jaffray & Co. is acting as sole underwriter for the offering.
The offering is being made under Evergreen Solar's effective shelf registration statement filed with the Securities and Exchange Commission ("SEC"). Evergreen Solar intends to file with the SEC a final prospectus supplement for the offering to which this communication relates. Copies of the final prospectus supplement and the accompanying prospectus, when available, may be obtained by visiting EDGAR on the SEC's Web site at http://www.sec.gov and from Piper Jaffray & Co., Prospectus Department, 800 Nicollet Mall, Suite 800, Minneapolis, MN, 55402, telephone: 612-303-8290 or email: [email protected].
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the shares of common stock. Furthermore, Evergreen Solar will not sell any of the common stock and has been advised by Piper Jaffray & Co. that it and its affiliates will not sell any of the common stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the shares under the securities laws of any such state or jurisdiction.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets String RibbonTM solar power products using its proprietary, low-cost silicon wafer technology. For more information about Evergreen Solar, please visit www.evergreensolar.com. Evergreen Solar(R) and String RibbonTM are trademarks of Evergreen Solar, Inc.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of federal securities laws. Evergreen Solar cautions you that any statements contained in this press release that are not strictly historical statements constitute forward-looking statements. Such forward-looking statements include, but are not limited to, those related to: statements regarding the offering and the use of the net proceeds from the offering. These forward-looking statements are neither promises nor guarantees and involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Factors that could cause actual events to differ materially from those predicted in such forward-looking statements include market conditions and potential fluctuations in the price of Evergreen Solar's common stock. Additional factors that could cause actual events to differ from those predicted in such forward-looking statements are identified in the final prospectus supplement and Evergreen Solar's other filings with the SEC that are incorporated by reference into the final prospectus supplement, including its Annual Report for the fiscal year ended December 31, 2008 on Form 10-K/A and its Quarterly Report for the fiscal quarter ended April 4, 2009 on Form 10-Q, each of which is filed with the SEC (copies of which may be obtained at the SEC's website at: http://www.sec.gov). Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Evergreen Solar disclaims any obligation to publicly update or revise any such statements to reflect any change in its expectations, or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Contact:
Evergreen Solar, Inc.
Michael El-Hillow, 508-251-3311
Chief Financial Officer
[email protected]
SOURCE: Evergreen Solar, Inc.
Evergreen Solar, Inc. ("Evergreen Solar") announced that it priced its previously announced public offering of common stock at a price to the public of $1.80 per share for a total of 37,000,000 shares to be sold in the offering.
The offering will result in gross proceeds of $66.6 million and net proceeds, after deducting underwriting commissions and other offering expenses, of approximately $63.0 million to Evergreen Solar. Evergreen Solar also granted the underwriter a 30-day option to purchase up to an additional 5,550,000 shares of its common stock. The offering is expected to close on or about May 26, 2009.
Evergreen Solar expects to use the net proceeds from the offering (1) to fund its planned initial 100 MW wafer manufacturing facility in Wuhan, China, which, assuming the Wuhan government provides or facilitates financing for approximately two-thirds of the initial expansion cost, is expected to require between $15 million and $20 million; (2) to purchase capital equipment required for further expansion of its Midland, Michigan string factory; and (3) for general corporate purposes, including working capital and possible payments to its Sovello joint venture (or Sovello's lenders) that may be required under certain circumstances.
Piper Jaffray & Co. is acting as sole underwriter for the offering.
The offering is being made under Evergreen Solar's effective shelf registration statement filed with the Securities and Exchange Commission ("SEC"). Evergreen Solar intends to file with the SEC a final prospectus supplement for the offering to which this communication relates. Copies of the final prospectus supplement and the accompanying prospectus, when available, may be obtained by visiting EDGAR on the SEC's Web site at http://www.sec.gov and from Piper Jaffray & Co., Prospectus Department, 800 Nicollet Mall, Suite 800, Minneapolis, MN, 55402, telephone: 612-303-8290 or email: [email protected].
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the shares of common stock. Furthermore, Evergreen Solar will not sell any of the common stock and has been advised by Piper Jaffray & Co. that it and its affiliates will not sell any of the common stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the shares under the securities laws of any such state or jurisdiction.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets String RibbonTM solar power products using its proprietary, low-cost silicon wafer technology. For more information about Evergreen Solar, please visit www.evergreensolar.com. Evergreen Solar(R) and String RibbonTM are trademarks of Evergreen Solar, Inc.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of federal securities laws. Evergreen Solar cautions you that any statements contained in this press release that are not strictly historical statements constitute forward-looking statements. Such forward-looking statements include, but are not limited to, those related to: statements regarding the offering and the use of the net proceeds from the offering. These forward-looking statements are neither promises nor guarantees and involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Factors that could cause actual events to differ materially from those predicted in such forward-looking statements include market conditions and potential fluctuations in the price of Evergreen Solar's common stock. Additional factors that could cause actual events to differ from those predicted in such forward-looking statements are identified in the final prospectus supplement and Evergreen Solar's other filings with the SEC that are incorporated by reference into the final prospectus supplement, including its Annual Report for the fiscal year ended December 31, 2008 on Form 10-K/A and its Quarterly Report for the fiscal quarter ended April 4, 2009 on Form 10-Q, each of which is filed with the SEC (copies of which may be obtained at the SEC's website at: http://www.sec.gov). Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Evergreen Solar disclaims any obligation to publicly update or revise any such statements to reflect any change in its expectations, or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Contact:
Evergreen Solar, Inc.
Michael El-Hillow, 508-251-3311
Chief Financial Officer
[email protected]
SOURCE: Evergreen Solar, Inc.