AMSC Prices $55 Million Public Offering of Common Stock
October 22 2020 - 9:00AM
American Superconductor Corporation (Nasdaq: AMSC), a leading
system provider of megawatt-scale power resiliency solutions,
announced today that it has priced its underwritten public offering
of 3,670,000 shares of its common stock at a public offering price
of $15.00 per share. AMSC expects the gross proceeds from this
offering to be $55,050,000, before deducting the underwriting
discount and other estimated offering expenses. AMSC intends to use
the net proceeds from this offering for general corporate and
working capital purposes. AMSC has granted the underwriters a
30-day option to purchase up to 550,500 additional shares of its
common stock. AMSC expects to close the offering, subject to
customary conditions, on or about October 26, 2020.
Oppenheimer & Co. Inc. is acting as the sole book-running
manager for the offering. Craig-Hallum Capital Group LLC and Roth
Capital Partners, LLC are acting as the co-managers for the
offering.
A shelf registration statement relating to the shares of common
stock to be issued in the proposed offering was filed with the
Securities and Exchange Commission (SEC) and is effective. This
press release does not constitute an offer to sell, or the
solicitation of an offer to buy, these securities, nor will there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale is not permitted.
A preliminary prospectus supplement and accompanying prospectus
describing the terms of the offering has been filed with the SEC
and a final prospectus supplement will be filed with the SEC.
Copies of the final prospectus supplement and the accompanying
prospectus relating to the securities being offered may also be
obtained, when available, from Oppenheimer & Co. Inc.
Attention: Syndicate Prospectus Department, 85 Broad Street, 26th
Floor, New York, NY 10004, or by telephone at (212) 667-8563, or by
email at EquityProspectus@opco.com. Electronic copies of the final
prospectus supplement and accompanying prospectus will also be
available on the SEC's website at http://www.sec.gov.
©2020 AMSC. AMSC and American Superconductor are trademarks
or registered trademarks of American Superconductor
Corporation.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements regarding the
expected completion of the offering, the expected gross proceeds
therefrom and the intended use of net proceeds therefrom. Actual
results could differ from those projected in any forward-looking
statements due to numerous factors. All such forward-looking
statements are based on management’s current expectations of future
events and are subject to a number of risks and uncertainties that
could cause actual results to differ materially and adversely from
those set forth in or implied by such forward-looking statements.
These risks and uncertainties related to fluctuations in AMSC’s
stock price, changes in market conditions and satisfaction of
customary closing conditions related to the public offering, as
well as the other factors discussed in the “Risk Factors” section
in the preliminary prospectus supplement related to the offering
and Part 1. Item 1A of our Form 10-K for the fiscal year ended
March 31, 2020, as well as other risks detailed in AMSC’s filings
with the Securities and Exchange Commission. There can be no
assurance that AMSC will be able to complete the proposed public
offering on the anticipated terms. All information in this press
release is as of the date of the release, and AMSC undertakes no
duty to update this information, even if subsequent events cause
its views to change, unless required by law.
AMSC ContactsInvestor Relations Contact:LHA
Investor RelationsCarolyn Capaccio(212) 838-3777amscIR@lhai.com
Public Relations Contact:RooneyPartners LLCBob
Cavosi646-638-9891rcavosi@rooneyco.com
AMSC Communications Manager:Nicol GolezPhone:
978-399-8344Nicol.Golez@amsc.com
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