Satcon® Announces Pricing of Public Offering of Common Stock
22 October 2010 - 10:00PM
Business Wire
Satcon Technology Corporation® (NASDAQ CM: SATC) today
announced that it priced a public offering of 9,000,000 shares of
its common stock at a public offering price of $3.90 per share on
October 21, 2010. Net proceeds to the Company, after deducting
underwriting discounts and commissions and other offering expenses,
are expected to be approximately $32.7 million. The Company
anticipates using the net proceeds from the offering for working
capital and other general corporate purposes, including research
and development, capital expenditures and possibly acquisitions of
other businesses, products or technologies. In addition, the
Company has granted the underwriter an option to purchase up to an
additional 1,350,000 shares of its common stock to cover
overallotments, if any. The offering is expected to close on or
about October 27, 2010, subject to customary closing
conditions.
Jefferies & Company, Inc. is the sole book-running manager
for the offering.
This press release does 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 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.
A registration statement relating to the securities described
above has become effective by order or rule of the Securities and
Exchange Commission (“SEC”). A prospectus supplement relating to
the offering has been filed with the SEC and is available on the
SEC’s website located at www.sec.gov. Copies of the final
prospectus supplement relating to these securities, when available,
may be obtained from Equity Syndicate Prospectus Department,
Jefferies & Company, 520 Madison Avenue, 12th Floor, New York,
NY, 10022, at 877-547-6340 and at
Prospectus_Department@Jefferies.com.
About Satcon
Satcon Technology Corporation is a provider of utility-grade
power conversion solutions for the renewable energy market.
Safe Harbor
Statements made in this document 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 expectations. Such factors
include whether the Company will be able to complete the offering
of common stock, market conditions, and our ability to fulfill
required closing conditions. 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 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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