American Superconductor Corporation And The Switch Terminates Acquisition Agreement

American Superconductor Corporation announced that its Share Purchase Agreement (Agreement) with the shareholders of The Switch Engineering Oy (The Switch) dated earlier, as amended, has been terminated due to adverse market conditions for a financing required to fund the acquisition. Per the terms of the amended Agreement, The Switch shareholders will retain the EUR14.2 million ($ 20.6 million) advance payment that was made by AMSC earlier as the break-up fee. The break-up fee will be recorded as an expense in AMSC's second fiscal quarter, which ended on September 30, 2011.