By Laura Lutz
Des Moines, Dec. 26 - SatCon Technology Corp. raised $15 million from the second and final tranche of its $25 million private placement of preferred stock, according to an 8-K filing with the Securities and Exchange Commission.
RockPort Capital Partners and NGP Energy Technology Partners were the investors.
The second tranche was approved by stockholders at a Dec. 20 meeting.
This tranche included 15,000 shares of series C preferred stock and warrants for 4,449,467 shares. The first tranche, which closed on Nov. 8, included 10,000 preferred shares and warrants for 15,262,072 shares.
The preferred stock bears dividends at 5% per year. It is initially convertible at $1.04 per share.
All of the warrants have a seven-year term. The warrants in the first tranche originally had a stock price of $1.44, but that price was lowered to $1.25 upon approval of the second tranche.
The warrants in the second tranche were issued with a strike price of $1.25.
Proceeds will be used to accelerate the company's growth in the alternative energy market and to support ongoing research and development.
Boston-based SatCon manufactures electronics, generators and motors.
| Issuer: | SatCon Technology Corp.
|
| Issue: | Series C convertible preferred stock
|
| Amount: | $25 million
|
| Dividends: | 5%
|
| Conversion price: | $1.04
|
| Warrants: | For 19.75 million shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $1.25
|
| Investors: | RockPort Capital Partners, NGP Energy Technology Partners
|
| Settlement date: | Nov. 8 (for $10 million); Dec. 20 (for $15 million)
|
| Stock symbol: | Nasdaq: SATC
|
| Stock price: | $1.57 at close Nov. 8
|
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