American Superconductor Cashes In On Stock Rally, Raises $115.5 Million Via Equity Offering

American Superconductor Corp. (NASDAQ:AMSC) shares fell sharply on Wednesday after the company announced that it has priced its underwritten public offering of 4,125,000 shares at $28 each, aiming to raise approximately $115.5 million in gross proceeds before expenses.

The company intends to use the proceeds for general corporate purposes, including working capital and potential strategic acquisitions.

AMSC also granted underwriters a 30-day option to purchase up to 618,750 additional shares at the offering price, less underwriting discounts and commissions. The offering is expected to close around June 12, pending customary conditions.

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