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Energy

Evergreen Solar Prices Secondary Offering (ESLR)

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By Douglas A. McIntyre Updated Published
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Evergreen Solar Inc. (NASDAQ: ESLR) has priced its secondary share offering at $9.50 per share.  This is down from over $12.00 just a few days ago and under the $10.02 closing price of yesterday.

This discount pricing is a bit aggressive discounting compared to what this would have been expected considering the sell-off we had already seen, and it is a deeper discount than the market chatter was indicating just on Friday.  While Evergreen isn’t exactly the best solar player out there and while the company has had problems in the past compared to top solar stocks, the proceeds are being used for a plant manufacture and development and for general corporate proceeds rather than "rewarding insiders."  The original offering was for up to 20 million shares.  We had noted that this one might be oversold ahead of the secondary just on Friday.  That still looks to be the case here, but we’ll be the first to admit that this discounting was far too much when you consider the greater-than-peers sell-off seen last week.

The net proceeds to Evergreen before any overallotment and after initial fees will be some $145.16 million shares.  Deutsche Bank, Lazard, Pacific Growth, Simmons & Co., and ThinkEquity are all listed as the underwriters.

Shares are trading down over 2.5% pre-market at $9.75.

Jon C. Ogg
February 12, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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