Capstone Turbine Corporation (NASDAQ: CPST) announced a registered offering of 21,485,660 shares of common stock and warrants to purchase an additional 6,445,698 shares of common stock.
The Company will issue units at $14.90 per unit consisting of ten shares of common stock and warrants to purchase three shares of common stock. Subject to adjustment based on the terms of the warrants, the warrants will be exercisable for a period of five years at an exercise price of $1.92 per share.
The financing is expected to close on or about September 23, 2008, subject to the satisfaction of customary closing conditions.
The net proceeds to the Company from the offering are expected to be approximately $29.5 million. The Company intends to use the net proceeds from the transaction to fund product development, corporate growth and for other general corporate purposes.
Wachovia Capital Markets, LLC acted as placement agent for the offering and Northland Securities, Inc. acted as financial advisor.
About Capstone Turbine Corporation
Capstone Turbine Corporation is a producer of low-emission microturbine systems. Capstone Turbine is headquartered in the Los Angeles area with sales and/or service centers in New Jersey, New York, Mexico City, Milan, Nottingham, Shanghai and Tokyo.
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