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Capstone Raising $30.2 Million

Capstone Turbine Corp. announced on Thursday an offering of 18.8 million shares to a single institutional investor that will raise $30.2 million. The Chatsworth company will use the proceeds for working capital and for other general corporate purposes. The company develops and manufactures low-emission microturbine systems. The offering, which is set at $1.70 a share, is expected to close on May 6. The offering will gross $32 million with a net of $30.2 million after the subtraction of underwriting discounts and commissions. The investor was not disclosed. Cowen and Company, LLC, in New York, and FBR & Co., in Arlington, Va., are acting as the book-running managers of the offering. Craig-Hallum Capital Group, LLC, in Minneapolis, is co-manager of the offering. Shares closed down 28 cents, or less than 14 percent, to $1.78 on the Nasdaq.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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