Shares of Ascent Solar Technologies (NASDAQ: ASTI) are down over 13% this morning after the company filed with the SEC Friday to sell common stock worth $80 million.
$80 million doesn’t sound like much on the surface, but this developer of thin-film photovoltaic modules has a mere market cap of $119.5 million. The proceeds are earmarked to be used for development of approximately 30 Megawatts of rated capacity.
The book-runner for the offering is listed as Bear Stearns (BSC), although we’ll have to see how anything related to Bear as un underwriter plays itself out over the coming weeks. Cowen & Co., Jefferies & Co., and Merriman Curhan Ford are listed as the co-managers for the offering.
Ascent’s shares down $1.64 to $10.44 in early morning trading, which is quite a drop even for the size of this offering. Shares closed at $12.07 Friday afternoon, and it has traded between $6.50 and $28.35 over the last 52-weeks.
Jon C. Ogg
March 17, 2008
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
