Evergreen Solar, Inc. (Nasdaq: ESLR), a manufacturer of solar power products, priced its previously announced public offering of common stock at $9.50 per share.
The number of shares of common stock to be sold in the offering has been reduced from 20,000,000, as previously announced, to 16,000,000, in an effort lessen the dilutive impact of the offering in light of market conditions, the company said.
Evergreen Solar said the offering will result in gross proceeds of $152.0 million and net proceeds, after deducting underwriting commissions and other offering expenses, of approximately $144.6 million to Evergreen Solar.
Evergreen Solar also granted the underwriters a 30-day option to purchase up to an additional 2,400,000 shares of common stock. The offering is expected to close on or about February 15, 2008.
Evergreen Solar said it expects to use part of the net proceeds from the offering to complete phases I and II of its new manufacturing facility in Devens, Massachusetts.
Deutsche Bank Securities Inc. is acting as sole book-runner and Lazard Capital Markets LLC, Pacific Growth Equities, LLC, Simmons & Company International and ThinkEquity Partners LLC are acting as co-managers.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets solar power products using proprietary manufacturing technologies. The company says its patented crystalline silicon technology, known as String Ribbon, uses significantly less silicon than conventional approaches.
Evergreen Solar’s products provide environmentally clean electric power for residential and commercial applications globally.
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