Volume Killer: Satcon (SATC)

Posted in General 
June 10th, 2009

Satcon Technology Corporation (NASDAQ: SATC) is getting hammered this morning on a deep discount secondary offering.  That is an understatement.  The company priced its previously announced public offering of 15,557,692 shares of common stock at $1.30 per share. The problem is that this stock closed at $2.11 yesterday.  We have already doubled the normal trading volume and shares are flirting with $1.50 in pre-open trading.  Its 52-week range is $1.08 to $3.51.  The offering is $20.2 million or so in gross proceeds and the market cap before the drop was $108 million.  Satcon also granted the underwriters (Thomas Weisel-lead; Ardour as co-manager) an option to purchase up to an additional 2,333,654 shares of its common stock. The closing of the offering is expected to take place on June 15, 2009.

JUNE 10, 2009

Comments are closed