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Investing.com -- American Superconductor Corporation (NASDAQ:AMSC) shares fell 14.8% after the company announced it has priced its underwritten public offering of 4,125,000 shares of common stock at $28.00 per share.
The power resiliency solutions provider expects to generate gross proceeds of $115,500,000 from the offering, before deducting underwriting discounts, commissions, and other estimated offering expenses. The company plans to use the net proceeds for working capital, general corporate purposes, and potentially for strategic acquisitions.
AMSC has also granted the underwriters a 30-day option to purchase up to an additional 618,750 shares at the public offering price, less underwriting discounts and commissions. The offering is expected to close around June 12, 2025, subject to customary conditions.
Oppenheimer & Co. Inc. is serving as the sole book-running manager for the offering, with Craig-Hallum Capital Group LLC acting as lead manager and Roth Capital Partners (WA:CPAP) as co-manager.
American Superconductor describes itself as a leading provider of megawatt-scale power resiliency solutions that "orchestrate the rhythm and harmony of power on the grid" and protect and expand the capability and resiliency of the U.S. Navy’s fleet.
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