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Energy Conversion Devices (ENER) Message Board

  • akhashan_or akhashan_or Jul 29, 2008 3:00 PM Flag

    CSI want to sell some more shares...

    Here is from the company release:
    Concurrently with this offering of the notes, Energy Conversion Devices is offering 4,708,500 shares of its common stock. Of these, 3,438,500 shares will be lent by Energy Conversion Devices to Credit Suisse International, or CSI, an affiliate of Credit Suisse Securities (USA) LLC, pursuant to a share lending agreement among Energy Conversion Devices, Credit Suisse Securities (USA) LLC and CSI. Under that agreement, CSI will be entitled to offer and sell such shares pursuant to the equity prospectus supplement and will agree to use the sale of such offered shares to facilitate the establishment of hedge positions by investors in the notes offered and potentially other securities. CSI will receive all of the proceeds from the share lending arrangement. Energy Conversion Devices will not receive any of the proceeds from the share lending arrangement but will receive a nominal lending fee. The completion of the lending of shares pursuant to the share lending arrangement is conditioned on completion of the convertible notes offering.

    I guess CSI has not sold every thing at a price to their liking...

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