November 11, 2010
AMSC Sets Price For Stock Offering
By Matthew L. Brown
American Superconductor Corp. of Devens has priced the public offering of 4.6 million shares of its common stock at $35.50 per share.
The high-temperature wire and wind turbine component developer has also granted the transaction's underwriters a 30-day option to purchase an additional 690,000 shares.
AMSC expects to raise between $155 million and $178 million on the offering. The transaction is being handled by Morgan Stanley & Co. Inc., Deutsche Bank Securities Inc., Jefferies & Co. Inc. and Pacific Crest Securities LLC.
The offering is expected to close Nov. 16.
AMSC reported a $10 million second-quarter profit on revenue of $101.5 million, a 36-percent increase from the prior year.
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