American Superconductor Announces Pricing of Common Stock Offering
DEVENS, Mass., Nov 11, 2010 (BUSINESS WIRE) --
American Superconductor Corporation (NASDAQ: AMSC), a global power technologies company, today announced that its public offering of 4.6 million shares of its common stock has priced at $35.50 per share. AMSC has granted the underwriters a 30-day option to purchase up to an additional 690,000 shares of common stock to cover over-allotments, if any. Morgan Stanley & Co. Incorporated, Deutsche Bank Securities Inc. and Jefferies & Company, Inc. acted as lead book-running managers for the offering. Pacific Crest Securities LLC served as co-manager.
American Superconductor expects to receive net proceeds from the offering of approximately $155.1 million, or approximately $178.4 million if the underwriters exercise their over-allotment option in full, after deducting the underwriting discounts and commissions and estimated offering expenses.
The shares will be issued pursuant to a prospectus supplement filed as part of a shelf registration statement filed with the Securities and Exchange Commission on Form S-3. American Superconductor expects to close the offering, subject to customary conditions, on or about November 16, 2010.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction. The offering of these securities may be made only by means of the prospectus and related prospectus supplement relating to the offering. Investors will be able to obtain a copy of such documents from Morgan Stanley & Co. Incorporated, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, telephone: (866) 718-1649, or by emailing prospectus@morganstanley.com; Deutsche Bank Securities Inc., Prospectus Department, Harborside Financial Center, 100 Plaza One, Jersey City, N.J. 07311-3988, telephone: (800) 503-4611 or by emailing prospectus.cpdg@db.com; or Jefferies & Company, Inc., Equity Syndicate Prospectus Department, 520 Madison Avenue, 12th Floor, New York, NY 10022, telephone: (877) 547-6340 or by emailing Prospectus_Department@Jefferies.com.
This press release contains forward-looking statements of future expectations. Actual results might differ materially from those projected because of factors such as those indentified in reports the company has filed with the Securities and Exchange Commission.
SOURCE: American Superconductor Corporation
American Superconductor Corporation Jason Fredette, 978-842-3177 Managing Director, Corporate Communications jfredette@amsc.com
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