American Superconductor Corporation (AMSC) has announced that it intends to offer and sell shares of its common stock in an underwritten public offering.
The company has priced its underwritten public offering of 3,670,000 shares of its common stock at a public offering price of US$ 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.