Evergreen Solar, Inc. (Nasdaq: ESLR), a manufacturer of solar power products with its proprietary, low-cost String Ribbon(TM) wafer technology, priced its previously announced public offering of common stock at $9.50 per share. The number of shares of common stock to be sold in the offering has been reduced from 20,000,000, as previously announced, to 16,000,000, reflecting the company’s desire to lessen the dilutive impact of the offering in light of market conditions.
The offering will result in gross proceeds of $152.0 million and net proceeds, after deducting underwriting commissions and other offering expenses, of approximately $144.6 million to Evergreen Solar. Evergreen Solar also granted the underwriters a 30-day option to purchase up to an additional 2,400,000 shares of its common stock. The offering is expected to close on or about February 15, 2008.
Evergreen Solar expects to use the net proceeds from the offering, together with funds it expects to raise by way of future debt financing and its operating activities, (i) to complete phase I of its new manufacturing facility in Devens, Massachusetts, (ii) to plan, construct and equip phase II of the Devens manufacturing facility and (iii) for general corporate purposes, including purchases or prepayments for raw materials, including polysilicon, and working capital.
Deutsche Bank Securities Inc. is acting as sole book-runner and Lazard Capital Markets LLC, Pacific Growth Equities, LLC, Simmons & Company International and ThinkEquity Partners LLC are acting as co-managers. Copies of the prospectus may be obtained from Deutsche Bank Securities Inc., 100 Plaza One, Floor 2, Jersey City, New Jersey 07311-3901, or by telephone toll free at 1-800-503-4611, or by email at prospectusrequest@list.db.com.
The shelf registration statement for this public offering automatically became effective upon filing with the Securities and Exchange Commission on February 4, 2008. This press release shall not constitute an offer to sell nor a solicitation of an offer to buy shares of common stock, nor shall there by any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets solar power products using proprietary, low-cost manufacturing technologies. The company's patented crystalline silicon technology, known as String Ribbon, uses significantly less silicon than conventional approaches. Evergreen Solar's products provide reliable and environmentally clean electric power for residential and commercial applications globally. For more information about the company, please visit www.evergreensolar.com. Evergreen Solar(R) is a registered trademark and String Ribbon(TM) is a trademark 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, the company's expectations regarding the closing of the public offering and the use of proceeds there from. These statements are neither promises nor guarantees, and involve risks and uncertainties including those set forth in the referenced registration statement and other filings with the SEC - including the company's Annual Report on Form 10-K/A filed with the SEC on April 30, 2007 and Quarterly Report on Form 10-Q filed with the SEC on November 8, 2007 (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. The company disclaims any obligation to publicly update or revise any such statements to reflect any change in company 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.