Solar Company Closes Initial Public Offering

DayStar Technologies has closed its initial public offering of 2.1 million units consisting of one share of common stock, one Class A redeemable warrant, and two Class B non-redeemable warrants. The units were priced and sold at $5.00 per unit. These units began trading Friday, February 6, 2004 on The Nasdaq Stock Market under the symbol DSTIU.

Grass Valley, California – February 17, 2004 [] DayStar has developed a thin-film, copper-indium-gallium-selenide solar cell, known as a CIGS solar cell, for the direct conversion of sunlight into electricity. The company is developing a high-volume manufacturing process that it believes could result in cell production volumes of well over 100 MW per year at a cost below $0.50 per watt. The net proceeds to the company will be approximately $8.8 million, after deducting estimated expenses and underwriting discounts for the offering. The company has granted the underwriters 45-day option to purchase up to an additional 315,000 units to cover over-allotments, if any. Paulson Investment Company acted as lead manager, with I-Bankers and Chicago Investment Group acting as co-managers of the offering. A Form SB-2 registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission.


Previous articleXantrex Explores Becoming Publicly-Traded
Next articleGeothermal Pump Orders Flooding Texas Market

No posts to display