San Diego -- Maxwell Technologies announced today that it has raised approximately $11.0 million through the sale of approximately 1.19 million shares of common stock to 13 institutional investors. Net proceeds of approximately $10.2 million after deduction of expenses and fees are intended to be used for working capital and general corporate purposes.
"This financing augments the company's cash resources to support current and future growth," said Dr. Richard Balanson, Maxwell's president and CEO. "We are very pleased to have been able to obtain equity financing on these terms with quality, long-term-oriented, investors."
Maxwell sold the shares directly to the investors in a negotiated transaction in which no underwriters were used for placement. The shares had previously been registered under the Securities Act of 1933, as amended, pursuant to a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on September 8, 2004. The registration statement was declared effective by the Commission on October 28, 2004. A prospectus supplement describing the offering and sale of the shares was filed with the Commission today, November 9, 2004.
The transaction increases total Maxwell common shares outstanding to approximately 15.65 million.
Source: Maxwell Technologies