Beacon Power Corporation (NASDAQ: BCON) has just filed to raise up to $60 million in cash in a mixed securities shelf registration. The company’s shelf filing will allow it to sell any combination of Common or Preferred stock, Depositary Shares, Warrants, and Units.
No terms nor underwriters were named, and the use of proceeds is the “for general corporate purposes.” This use includes the repayment of future debt and potential acquisitions.
The company’s certificate of incorporation allows it to issue an aggregate of 400,000,000 shares of common stock and 10,000,000 shares of preferred stock, both with a par value $0.01 per share. The company does have warrants issued from prior financings, so the fully diluted terms may be different than the nominal amounts listed. We have the current market cap listed as almost $85 million based upon a $0.70 share price.
Beacon is one of the flywheel technology players. It makes flywheel-based energy storage systems that provide frequency regulation and other energy solutions for the worldwide electricity grid at competitive costs. It also sells individual and large-scale systems and will seek to market other cost-effective applications for its flywheel systems.
JON C. OGG
SEPTEMBER 1, 2009
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
