By Dean Seal
Shares of American Superconductor dropped after the company said it would launch an underwritten public offering.
The stock was down 12% at $30.20 in postmarket trading. When the market closed Tuesday, shares had gained 40% since the start of the year.
The developer of power systems said after the closing bell that it intends to offer and sell an undisclosed number of shares and grant underwriters a 30-day option to buy additional stock.
Final terms of the offering will be disclosed in a subsequent document, the company said.
Proceeds will be used for working capital and general corporate purposes, including potential strategic acquisitions.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
June 10, 2025 17:21 ET (21:21 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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