AMERICAN SUPERCONDUCTOR ANNOUNCES INITIAL PUBLIC OFFERING OF 1,670,000 SHARES OF COMMON STOCK
AMERICAN SUPERCONDUCTOR ANNOUNCES INITIAL PUBLIC OFFERING
OF 1,670,000 SHARES OF COMMON STOCK
WATERTOWN, Mass., Nov. 5 /PRNewswire/ -- American Superconductor Corporation (ASC) today announced it has filed a registration statement with the U.S. Securities and Exchange Commission for the proposed sale of 1,670,000 shares of its common stock.
This initial public offering will be underwritten by Invemed Associates, Inc., New York, N.Y.
American Superconductor was organized to develop high-temperature superconducting wires and products from those wires, including electromagnetic coils, electromagnets and multistrand conductors, for commercialization. Superconducting wires lose all resistance to the flow of electricity when cooled below a "critical" temperature. Superconducting wires provide significant advantages over conventional wires because superconducting wires conduct electricity with little or no energy loss, and therefore can transmit much larger amounts of electricity than conventional wires of the same size.
ASC has produced and sold prototype high-temperature superconducting electromagnetic coils and multistrand conductors for use in several development and demonstration programs. For example, the firm has sold electromagnetic coils to one manufacturer that is developing superconducting motors for commercial applications.
Prospectuses may be obtained from Invemed Associates, Inc., 375 Park Ave.,New York, N.Y. 10152, 212-421-2500, Attention: Cristina Kepner, executive vice president.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. Information contained therein is subject to completion or amendment. These securities may not be sold, nor may offers to buy be accepted, prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, not shall there be any sale of these securities in any state which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
/CONTACT: Gregory J. Yurek of American Superconductor, 617-923-1122, or Jack Jackson or Katherine Leavenworth of Miller Communications, 617-536-0470, for American Superconductor/ CO: American Superconductor Corporation ST: Massachusetts IN: CPR SU: OFR SH -- NE013 -- 1160 11/05/91 10:21 EST