Energy Conversion Devices, Inc. Announces Pricing of Equity Offering
02 3월 2006 - 9:34AM
PR Newswire (US)
ROCHESTER HILLS, Mich., March 1 /PRNewswire-FirstCall/ -- Energy
Conversion Devices, Inc. (ECD Ovonics) (NASDAQ:ENER) announced
today that it has priced its equity offering of 7,000,000 shares of
common stock, including 6,616,928 shares to be sold by the company
and 383,072 shares to be sold by certain directors and officers, at
a price of $49.00 per share under an effective shelf registration
statement previously filed with the Securities and Exchange
Commission. The offering was increased by 850,000 shares over the
proposed offering announced February 15, 2006. The Company will
receive 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. In
connection with this offering, the Company has granted the
underwriters a 30-day option to purchase up to an additional
1,050,000 shares of its common stock to cover over-allotments, if
any. The Company expects the issuance and delivery of the shares to
occur on March 7, 2006. 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 is acting 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. are acting as
co-managers for the offering. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sales of these securities in any
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under securities
laws of such jurisdiction. The offering of the shares of common
stock may be made only by means of the prospectus supplement and
related prospectus, copies of which may be obtained from UBS
Investment Bank, Prospectus Department, 299 Park Avenue, New York,
NY 10171, telephone number 212-821-3000. About ECD Ovonics: ECD
Ovonics is the leader in the synthesis of new materials and the
development of advanced production technology and innovative
products. It has invented, pioneered and developed its proprietary,
enabling technologies in the fields of energy and information
leading to new products and production processes based on
amorphous, disordered and related materials. The Company's
portfolio of alternative energy solutions includes Ovonic thin-film
amorphous solar cells, modules, panels and systems for generating
solar electric power; Ovonic NiMH batteries; Ovonic hydride storage
materials capable of storing hydrogen in the solid state for use as
a feedstock for fuel cells or internal combustion engines or as an
enhancement or replacement for any type of hydrocarbon fuel; and
Ovonic fuel cell technology. ECD Ovonics' proprietary advanced
information technologies include Ovonic phase-change electrical
memory, Ovonic phase-change optical memory and the Ovonic Threshold
Switch. ECD Ovonics designs and builds manufacturing machinery that
incorporates its proprietary production processes, maintains
ongoing research and development programs to continually improve
its products and develops new applications for its technologies.
ECD Ovonics holds the basic patents in its fields. This release may
contain forward-looking statements within the meaning of the Safe
Harbor Provisions of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements are based on assumptions
which ECD Ovonics, as of the date of this release, believes to be
reasonable and appropriate. ECD Ovonics cautions, however, that the
actual facts and conditions that may exist in the future could vary
materially from the assumed facts and conditions upon which such
forward-looking statements are based. The risk factors identified
in the ECD Ovonics filings with the Securities and Exchange
Commission, including its automatic shelf registration statement
and related preliminary prospectus supplement, the company's most
recent Annual Report on Form 10-K and the company's most recent
Quarterly Report on Form 10- Q could impact any forward-looking
statements contained in this release. DATASOURCE: Energy Conversion
Devices, Inc. CONTACT: Stephan Zumsteg, Vice President and CFO, or
Ghazaleh Koefod, Investor Relations, of Energy Conversion Devices,
Inc., +1-248-293-0440 Web site: http://www.ovonic.com/
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