American Superconductor Corporation announced that it plans to file a registration statement with
the U.S. Securities and Exchange Commission
to offer its Common Stock for sale
to the public. The company expects to file the registration statement within
the next two weeks. The planned offering replaces the company's previously
announced secured debt financing plan to raise $50 million in the form of a
term loan, convertible subordinated notes and a working capital credit
the company has decided not to pursue.
"AMSC's management and board of directors believe the decision to forego a
secured debt financing and to adopt an equity financing strategy under current
market conditions is in the best interests of our shareholders," said Greg
Yurek, chief executive of American Superconductor.