Evergreen Solar (ESLR) Prices 37M Shares at $1.80

May 21, 2009 6:57 AM EDT

Evergreen Solar, Inc. (Nasdaq: ESLR) priced its previously announced public offering of common stock at a price to the public of $1.80 per share for a total of 37,000,000 shares to be sold in the offering.

Evergreen Solar closed at $2.23 yesterday.

Evergreen Solar expects to use the net proceeds from the offering (1) to fund its planned initial 100 MW wafer manufacturing facility in Wuhan, China, which, assuming the Wuhan government provides or facilitates financing for approximately two-thirds of the initial expansion cost, is expected to require between $15 million and $20 million; (2) to purchase capital equipment required for further expansion of its Midland, Michigan string factory; and (3) for general corporate purposes, including working capital and possible payments to its Sovello joint venture (or Sovello’s lenders) that may be required under certain circumstances.

Related Categories

Equity Offerings

Stocks Mentioned

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?