Satcon Technology Corp - Current report filing (8-K)
27 November 2007 - 3:11AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported):
November 19,
2007
SATCON TECHNOLOGY CORPORATION
(Exact Name of Registrant as Specified in its
Charter)
Delaware
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1-11512
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04-2857552
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(State or Other Jurisdiction
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(Commission
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(I.R.S. Employer
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of Incorporation)
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File Number)
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Identification No.)
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27 Drydock Avenue, Boston, Massachusetts
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02210-2377
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(Address of Principal Executive Offices)
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(Zip Code)
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(617) 897-2400
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(Registrants telephone number, including
area code)
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Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (
see
General Instruction A.2. below):
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Item 2.03.
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Creation of a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
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As previously announced in
a Form 8-K filed on November 14, 2007 (the November 14 Form 8-K), on November
8, 2007, SatCon Technology Corporation (the Company) sold
10,000 shares of Series C convertible
preferred stock (the Series C Preferred Stock) at $1,000 per share for an
aggregate gross purchase price of $10 million. These shares are currently
convertible into 9,615,384 shares of Common Stock at a conversion price of
$1.04 per share. The Company also issued warrants to purchase an aggregate of
15,262,072 shares of Common Stock. These warrants have an initial exercise
price of $1.44 per share and may not be exercised until May 8, 2008.
As
noted in the November 14 Form 8-K, as a result of the Companys sale of Series
C Preferred Stock and warrants, the holders of the Companys Warrant As (to
purchase up to an aggregate of 3,636,368 shares of Common Stock) and Warrant Cs
(to purchase up to an aggregate of 1,818,187 shares of Common Stock) may put
those warrants to the Company at their Black-Scholes value in accordance with
their terms. At that time, the Company was still in the process of estimating
the amount that may be required to fund these repurchases.
On
November 19, 2007, the Company paid approximately $472,000 to repurchase
Warrant As representing 303,031 shares of Common Stock and Warrant Cs
representing 151,516 shares of Common Stock. On November 19, 2007, the Company
also received put notices from investors holding Warrant As representing
939,395 shares of Common Stock and Warrant Cs representing 469,699 shares of
Common Stock; the Company estimates that the amount required to fund these
repurchases is approximately $1.6 million.
Based
on current information, the Company estimates that the total amount that may be
required to fund the repurchase of all Warrant As and Warrant Cs (including
those that have already been put to the Company) is approximately $6.2 million,
but the precise amount will change from time to time due to the variables
underlying the Black-Scholes valuation, including the volatility of the stock
and the daily closing price of the stock.
2
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto duly authorized.
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SATCON
TECHNOLOGY CORPORATION
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Date:
November 26, 2007
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By:
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/s/ David E. ONeil
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David
E. ONeil
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Vice
President of Finance and Treasurer
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3
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