Maxwell Technologies to offer 1.3M shares
Maxwell Technologies, Inc. (Nasdaq: MXWL), a manufacturer and marketer of energy storage and power delivery products, said this morning that it is going to offer 1.3 million shares of common stock that it expects will raise approximately $13.6 million in proceeds.
The company said it plans to use the proceeds for working capital, debt repayment and general corporate purposes.
UBS Securities is acting as an underwriter and Maxwell granted UBS Securities an over-allotment option to purchase up to 195,000 additional shares.
The transaction is expected to close on Oct. 15.
Shares of Maxwell Technologies (MXWL) lost $0.22, or 1.89%, to $11.43 in pre-market trading. Shares of Maxwell Technologies have been trading in the range of $10.31 to $19.87 for the past 52 weeks.
About the Author
Reporter Jennifer Schonberger is based in SmallCapInvestor.com's Washington, D.C. bureau.
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