Satcon Technology Announces Closing of Public Offering of its Common Stock
16 June 2009 - 6:00AM
Business Wire
Satcon Technology Corporation (�Satcon�) (Nasdaq: SATC) today
announced that it has closed its previously announced public
offering of 17,891,346 shares of its common stock (including
2,333,654 shares issued pursuant to the exercise in full of the
underwriters� over-allotment option) at a price to the public of
$1.30 per share. The gross proceeds to Satcon, before expenses,
from the sale of shares were approximately $23.3 million.
Thomas Weisel Partners LLC acted as managing underwriter and
book runner and Ardour Capital Investments, LLC acted as
co-managing underwriter.
A shelf registration relating to the shares was originally filed
with the Securities and Exchange Commission on May 6, 2009 and has
since been declared effective. The offering was made pursuant to a
final prospectus supplement to the prospectus contained in the
shelf registration statement, which Satcon filed with the SEC on
June 10, 2009.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state.
Copies of the final prospectus supplement and accompanying
prospectus relating to the offering may be obtained by contacting
Thomas Weisel Partners LLC by mail at One Montgomery Street, San
Francisco, California 94104 or by telephone at (415) 364-2720.
About Satcon
Satcon Technology Corporation is a leading provider of utility
scale distributed power solutions for the renewable energy market,
enabling the industry�s most advanced reliable and proven clean
energy alternatives. For over 24 years, Satcon has designed and
delivered the next generation of efficient energy systems for solar
photovoltaic, stationary fuel cells, wind-turbines, and energy
storage systems. To learn more about Satcon, please visit
www.Satcon.com.
Safe Harbor
Statements made in this press release that are not historical
facts or which apply prospectively are forward-looking statements
that involve risks and uncertainties. These forward-looking
statements are identified by the use of terms and phrases such as
"will," "intends," "believes," "expects," "plans," "anticipates"
and similar expressions. Investors should not rely on forward
looking statements because they are subject to a variety of risks
and uncertainties and other factors that could cause actual results
to differ materially from the company's expectation. Additional
information concerning risk factors is contained from time to time
in the company's SEC filings, including its Annual Report on Form
10-K for the fiscal year ended December 31, 2008 and in the
company�s quarterly report on Form 10-Q for the fiscal quarter
ended April 4, 2009 and other periodic reports filed with the SEC.
Forward-looking statements contained in this press release speak
only as of the date of this release. Subsequent events or
circumstances occurring after such date may render these statements
incomplete or out of date. The company expressly disclaims any
obligation to update the information contained in this release.
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