Company raises funds for general corporate purposes, working capital
By Devika Patel
Knoxville, Tenn., Feb. 29 - Capstone Turbine Corp. said it plans a registered direct offering of units to raise $25.03 million. Lazard Capital Markets LLC is the agent.
The company will sell 22.55 million units of one common share and one warrant at $1.11 per unit, with each warrant exercisable at $1.55 until Oct. 31, 2013. The strike price reflects a 31.36% premium to the Feb. 28 closing share price of $1.18.
Settlement is expected March 5.
Proceeds will be used for working capital and for other general corporate purposes.
Based in Chatsworth, Calif., Capstone develops low-emissions micro-turbine systems used for energy production.
| Issuer: | Capstone Turbine Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $25,030,500
|
| Units: | 22.55 million
|
| Price: | $1.11
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Oct. 31, 2013
|
| Warrant strike price: | $1.55
|
| Agent: | Lazard Capital Markets LLC
|
| Pricing date: | Feb. 29
|
| Settlement date: | March 5
|
| Stock symbol: | Nasdaq: CPST
|
| Stock price: | $1.18 at close Feb. 28
|
| Market capitalization: | $314.6 million
|
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