Broadwind Energy Plunges After Pricing Offering Below Market
Broadwind Energy Inc. (BWEN), a U.S. wind- turbine component maker, fell to a six-year low after it said it would sell additional shares below yesterday’s market value.
Broadwind dropped 9 cents, or 16 percent, to 45 cents in Nasdaq Stock Market trading, the lowest price since August 2005. Shares of the Naperville, Illinois-based company have plummeted 81 percent this year.
Broadwind Energy is selling 32.5 million shares at 40 cents each, the company said today in a statement. It’s the second time the company has sold shares since listing on the Nasdaq in April 2009. The company will use the $11.7 million generated by the sale for general corporate purposes, it said. Lazard Capital Markets LLC is managing the offering.
To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net
To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net
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