SatCon Announces $12M Financing Transaction

SatCon Technology Corporation (Nasdaq NM: SATC) has entered into a definitive agreement for a $12 million private placement with institutional investors. The transaction is expected to fund today. First Albany Capital served as the placement agent for the transaction. “We greatly appreciate the tremendous vote of confidence in SatCon that this financing represents from our new institutional investors,” stated David Eisenhaure, Chairman and CEO. “The capital infusion fulfills part of SatCon’s overall financing strategy and supports our plans for growth in our core businesses of developing and manufacturing alternative energy products, components for hybrid electric vehicles and advanced micro-electronics. Achieving this financing milestone will allow us to accelerate the expansion of our alternative energy stationary power business under the management of Clemens van Zeyl.” The Senior Secured Convertible Notes to be issued in the financing will bear interest at the higher of 7.0% per annum or the six-month LIBOR plus 3.5% and will be convertible into SATC common stock at a conversion price of $1.65 per share, which represents a premium of approximately 6% over the average closing price of the Company’s common stock for the last 5 trading days. Subject to certain conditions, the Company may elect to make […]

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