DayStar Technologies, Inc. has developed a thin-film, copper-indium-gallium-selenide solar cell, known as a CIGS solar cell, for the direct conversion of sunlight into electricity.
Grass Valley, CA, February 12, 2004 -DayStar Technologies, Inc. (Nasdaq: DSTIU) announced yesterday that it has closed its initial public offering of 2.1 million units consisting of one share of common stock, one Class A redeemable warrant, and two Class B non-redeemable warrants. The units were priced and sold at $5.00 per unit. These units began trading Friday, February 6, 2004 on The Nasdaq Stock Market under the symbol DSTIU. The net proceeds to the company will be approximately $8.8 million, after deducting estimated expenses and underwriting discounts for the offering.
The company has granted the underwriters 45-day option to purchase up to an additional 315,000 units to cover over-allotments, if any.
Paulson Investment Company acted as lead manager, with I-Bankers and Chicago Investment Group acting as co-managers of the offering. A Form SB-2 registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission.
DayStar Technologies, Inc. has developed a thin-film, copper-indium-gallium-selenide solar cell, known as a CIGS solar cell, for the direct conversion of sunlight into electricity. The company is developing a high-volume manufacturing process that it believes could result in cell production volumes of well over 100 megawatts per year at a cost below $0.50 per watt.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the common stock of DayStar Technologies, Inc., nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Copies of the final prospectus relating to the offering may be obtained from Paulson Investment Company, 811 S.W. Naito Parkway, Suite 200, Portland, OR 97204.