AMSC Prices Upsized $60 Million Public Offering of Common Stock

AYER, Mass. , Jan. 31, 2024 (GLOBE NEWSWIRE) -- American Superconductor Corporation (Nasdaq: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid and protect and expand the capability and resiliency of our Navy’s fleet, announced today that it has priced its underwritten public offering of 5,400,000 shares of its common stock at a public offering price of $11.25 per share. AMSC expects the gross proceeds from this offering to be $60,750,000, before deducting the underwriting discount and other estimated offering expenses. AMSC intends to use the net proceeds from this offering for working capital and general corporate purposes. AMSC has granted the underwriters a 30-day option to purchase up to 810,000 additional shares of its common stock. AMSC expects to close the offering, subject to customary conditions, on or about February 2, 2024.

Oppenheimer & Co. Inc. is acting as the sole book-running manager for the offering. Craig-Hallum Capital Group LLC and Roth Capital Partners, LLC are acting as co-managers for the offering.

A shelf registration statement relating to the shares of common stock to be issued in the proposed offering was filed with the Securities and Exchange Commission (SEC) and is effective. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.

A preliminary prospectus supplement and accompanying prospectus describing the terms of the offering has been filed with the SEC and a final prospectus supplement will be filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus relating to the securities being offered may also be obtained, when available, from Oppenheimer & Co. Inc. Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by telephone at [phone], or by email at [e-mail]. Electronic copies of the final prospectus supplement and accompanying prospectus will also be available on the SEC’s website at http://www.sec.gov.