Energy Conversion Devices, Inc. (ECD Ovonics) (NASDAQ:ENER) has completed its public offering of 7,000,000 shares of common stock, including 6,616,928 shares sold by the Company and 383,072 shares sold by certain directors and officers. The Company received gross proceeds of approximately $324.2 million, before underwriting discounts and commissions and expenses payable by the Company, from the sale of the 6,616,928 shares of common stock.
The Company did not receive any proceeds from the sale of the 383,072 shares sold by certain directors and officers in connection with this offering, other than the aggregate option exercise price of approximately $5.1 million relating to such shares.
The Company intends to use in the near term approximately $150 million of the net proceeds from this offering to expand the solar module production capacity of its wholly owned subsidiary, United Solar Ovonic, through the construction of a third manufacturing facility with an annual capacity of at least 50 megawatts. The Company intends to use the balance of the net proceeds from this offering for future capacity expansion of its thin-film solar cell business and for other general corporate purposes.
UBS Investment Bank acted as sole book-running manager for the offering. Cowen & Company, First Albany Capital, Piper Jaffray, Jefferies & Company, Merriman Curhan Ford & Co. and Tejas Securities Group, Inc. acted as co-managers for the offering.
A registration statement relating to the shares has been filed with the Securities and Exchange Commission and has become effective.
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