American Superconductor Raises $60.75 Million in Public Offering


American Superconductor Raises $60.75 Million in Public Offering
American Superconductor Raises $60.75 Million in Public Offering

American Superconductor Corporation (AMSC), a leading provider of power resiliency solutions, has announced that it has priced its underwritten public offering of 5.4 million shares of its common stock at $11.25 per share, aiming to raise approximately $60.75 million for working capital and general corporate purposes¹². The offering, expected to close around February 2, 2024, includes a 30-day option for underwriters to purchase up to an additional 810,000 shares¹².

AMSC is a company that develops and delivers innovative solutions for the electric power infrastructure, such as grid stabilization, wind power generation, and ship propulsion systems. AMSC’s products and services are based on its proprietary high temperature superconductor (HTS) technology, which enables higher efficiency, lower losses, and greater reliability in power transmission and distribution³.

The company has been growing its revenue and expanding its customer base in recent years, especially in the U.S. Navy and the renewable energy sectors. In fiscal year 2023, AMSC reported a 19% increase in revenue to $101.8 million, compared to $85.6 million in fiscal year 2022. The company also achieved positive net income of $2.4 million, or $0.11 per diluted share, in fiscal year 2023, compared to a net loss of $13.9 million, or $0.65 per diluted share, in fiscal year 2022⁴.

The company expects to use the net proceeds from the offering to support its growth strategy, which includes investing in research and development, expanding its manufacturing capacity, pursuing strategic partnerships and acquisitions, and enhancing its working capital position¹².

The offering is being conducted under AMSC’s effective shelf registration statement filed with the Securities and Exchange Commission (SEC) and is subject to customary closing conditions, indemnifications, and termination provisions¹². Oppenheimer & Co. Inc. is acting as the sole book-running manager for the offering, while Craig-Hallum Capital Group LLC and Roth Capital Partners, LLC are acting as co-managers¹².

Investors who are interested in participating in the offering can obtain a copy of the final prospectus supplement and the accompanying prospectus from Oppenheimer & Co. Inc. or from the SEC’s website¹².

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