Evergreen Solar Announces $60 Million Public Offering of Common Stock
MARLBORO, Mass.--(BUSINESS WIRE)--Evergreen Solar, Inc. (“Evergreen Solar”) (Nasdaq: ESLR) announced today that it has commenced a $60 million public offering of its common stock. Evergreen Solar expects to grant to the underwriter a 30-day option from the date of the final prospectus supplement to purchase up to an additional $9 million of its common stock.
Evergreen Solar intends to use the net proceeds from the offering, after deducting underwriting discounts and Evergreen Solar’s estimated expenses related to the offering (1) to fund its planned initial 100 MW wafer manufacturing facility in Wuhan, China, which, assuming the Wuhan government provides or facilitates financing for approximately two-thirds of the initial expansion cost, is expected to require between $15 million and $20 million; (2) to purchase capital equipment required for further expansion of its Midland, Michigan string factory; and (3) for general corporate purposes, including working capital and possible payments to its Sovello joint venture (or Sovello’s lenders) that may be required under certain circumstances.
Piper Jaffray & Co. is acting as sole underwriter for the offering.
The offering will be made under Evergreen Solar’s effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”). Evergreen Solar intends to file with the SEC a preliminary prospectus supplement for the offering to which this communication relates. Prospective investors should read the preliminary prospectus supplement and the shelf registration statement for more complete information about Evergreen Solar and the offering. Copies of the preliminary prospectus supplement and the accompanying prospectus and, when available, copies of the final prospectus supplement may be obtained by visiting EDGAR on the SEC’s Web site at http://www.sec.gov and from Piper Jaffray & Co., Prospectus Department, 800 Nicollet Mall, Suite 800, Minneapolis, MN, 55402, telephone: 612-303-8290 or email: email@example.com.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, shares of common stock. Furthermore, Evergreen Solar will not sell any of the common stock and has been advised by Piper Jaffray & Co. that it and its affiliates will not sell any of the common stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the shares under the securities laws of any such state or jurisdiction.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets String RibbonTM solar power products using its proprietary, low-cost silicon wafer technology For more information about Evergreen Solar, please visit www.evergreensolar.com. Evergreen Solar® and String RibbonTM are trademarks of Evergreen Solar, Inc.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of federal securities laws. Evergreen Solar cautions you that any statements contained in this press release that are not strictly historical statements constitute forward-looking statements. Such forward-looking statements include, but are not limited to, those related to: statements regarding the offering and the use of the net proceeds from the offering. These forward-looking statements are neither promises nor guarantees and involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Factors that could cause actual events to differ materially from those predicted in such forward-looking statements include market conditions and potential fluctuations in the price of Evergreen Solar’s common stock. Additional factors that could cause actual events to differ from those predicted in such forward-looking statements are identified in the preliminary prospectus supplement and Evergreen Solar’s other filings with the SEC that are incorporated by reference into the preliminary prospectus supplement, including its Annual Report for the fiscal year ended December 31, 2008 on Form 10-K/A and its Quarterly Report for the fiscal quarter ended April 4, 2009 on Form 10-Q, each of which is filed with the SEC (copies of which may be obtained at the SEC’s website at: http://www.sec.gov) Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Evergreen Solar disclaims any obligation to publicly update or revise any such statements to reflect any change in its expectations, or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.