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Green Stock News - Satcon Technology (Nasdaq: SATC) Announces Pricing of Public Offering of its Common Stock
BOSTON -- June 10, 2009 -- Satcon Technology Corporation ("Satcon") (Nasdaq: SATC) today announced that it has priced its previously announced public offering of 15,557,692 shares of its common stock at a price to the public of $1.30 per share. The gross proceeds to Satcon, before expenses, from the sale of shares are expected to be $20,225,000. Satcon also granted the underwriters an option to purchase up to an additional 2,333,654 shares of its common stock. The closing of the offering is expected to take place on June 15, 2009.
Thomas Weisel Partners LLC is acting as managing underwriter and book runner and Ardour Capital Investments, LLC is acting as co-managing underwriter.
A shelf registration relating to the shares was originally filed with the Securities and Exchange Commission on May 6, 2009 and has since been declared effective. The offering will be made pursuant to a final prospectus supplement to the prospectus contained in the shelf registration statement, which Satcon intends to file with the SEC.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained, when available, by contacting Thomas Weisel Partners LLC by mail at One Montgomery Street, San Francisco, California 94104 or by telephone at (415) 364-2720.
About Satcon
Satcon Technology Corporation is a leading provider of utility scale distributed power solutions for the renewable energy market, enabling the industry’s most advanced reliable and proven clean energy alternatives. For over 23 years, Satcon has designed and delivered the next generation of efficient energy systems for solar photovoltaic, stationary fuel cells, wind-turbines, and energy storage systems. To learn more about Satcon, please visit www.Satcon.com.
Safe Harbor
Statements made in this press release that are not historical facts or which apply prospectively are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "will," "intends," "believes," "expects," "plans," "anticipates" and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company's expectation. Additional information concerning risk factors is contained from time to time in the company's SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2009 and in the company’s quarterly report on Form 10-Q for the fiscal quarter ended April 4, 2009 and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.
Contacts:
Satcon Technology Corporation
Leah Gibson, 617-897-2400
Investor Relations Manager
leah.gibson@satcon.com
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