UPDATE 1-Ascent Solar offering priced at discount; shares fall
* 5.25 mln shares priced at $4.15 apiece
* Offering at 9 pct discount
* To use proceeds to complete FAB2 production plant
* Shares fall to four-week lows
Nov 11 (Reuters) - U.S. photovoltaic module maker Ascent Solar Technologies Inc (ASTI.O) said its share sale was priced at 9 percent discount to its Wednesday close, dragging its shares down 15 percent to a four-week low on Thursday morning.
The Thornton, Colorado-based company, which on Wednesday said it will commence an underwritten public offering of common stock, is offering 5.25 million shares at $4.15 apiece.
Shares of the company, which have jumped 30 percent since it signed a distribution deal with DisaSolar on Oct. 5, fell to an intraday low of $3.88 before paring some losses to trade down 13 percent at $3.98.
Ascent Solar, which makes thin-film photovoltaic modules that convert sunlight into electricity, said it will use net proceeds from the offering to complete its 30-megawatt FAB2 module manufacturing plant, its second in Colorado.
The company, which also makes building-integrated photovoltaics, said underwriters will have an option to purchase up to 787,500 additional shares from it. Cowen and Company LLC acted as the sole book-running manager for the offering, it said. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Maju Samuel)
- Obama critic D'Souza spared prison for violating election law
- U.S. and Arab allies launch first strikes on militants in Syria |
- Fired UPS worker kills two supervisors, self, in Alabama shooting
- Bin Laden son-in-law sentenced to life in U.S. prison
- Israel downs Syrian warplane it says violated its Golan airspace