American Superconductor slides on stock offering plans

American Superconductor

31/01/2024 13:03

** Shares of American Superconductor Corp  AMSC.O  down
14.2% at $11.53 premarket as power electronics firm looks to
raise equity
    ** Co after the bell Tues announced stock offering for
working capital, general corp purposes
    ** Market sources say sole bookrunner Oppenheimer marketing
offering size of ~$50 mln
    ** Last Thurs, AMSC's shares surged 36% after co reported
fiscal Q3 net loss of $1.6 mln on 65% increase in rev to $39
mln, citing increased shipments of new energy power systems and
electrical control system shipments
    ** AMSC has ~30.7 mln shares outstanding for $413 mln market
cap, and ~29.1 mln shares of public float, per LSEG
    ** Shares up ~21% YTD through Tues, after roughly tripling
in 2023. Stock ended 2022 at $3.68

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))