The proceeds will primarily be used to fund the company’s 100 megawatt manufacturing facility in Wuhan, China, and to purchase equipment to expand the company’s Midland, Michigan, plant. Remaining funds will go to “general corporate purposes” and “possible payments” to it’s German joint venture, Sovello.
Evergreen has suffered a net loss in each of the past two quarters, and estimates for the current quarter point to a net EPS loss of $0.07. The company has about 165 million shares outstanding and to raise $60 million will need to issue about another 30 million. That’s a dilution of about 18%.
Evergreen shares are trading down more than 2% in the pre-market, at $2.19. The stock’s 52-week trading range is $1.00-$12.64.
Paul Ausick
May 20, 2009
Contact [email protected] for any questions or corrections.
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