By Sheri Kasprzak
New York, Jan. 19 - Capstone Turbine Corp. intends to raise $45.6 million in a registered direct placement of its stock.
The deal includes up to 40 million units of one share and one half-share warrant at $1.14 each.
The unit price is a 6.5% premium to the company's $1.07 closing stock price from Thursday.
The whole warrants are exercisable at $1.30 each for five years.
The shares will be sold under the company's shelf registration.
The offering is scheduled to close Jan. 24.
A.G. Edwards & Sons, Inc. is the placement agent.
Proceeds will be used for working capital.
Based in Chatsworth, Calif., Capstone develops low-emissions micro-turbine systems used for energy production.
| Issuer: | Capstone Turbine Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | $45.6 million
|
| Units: | 40 million
|
| Price: | $1.14
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.30
|
| Placement agent: | A.G. Edwards & Sons, Inc.
|
| Announcement date: | Jan. 19
|
| Settlement date: | Jan. 24
|
| Stock symbol: | Nasdaq: CPST
|
| Stock price: | $1.07 at close Jan. 18
|
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