Following the Sept. 10 news of its intention to issue 30 million shares of common stock in a public offering, SunEdison (NASDAQOTH: SUNEQ ) announced today it will price the stock at $7.25 per share. Sunedison's stock closed at $7.51 a share on Sept. 12.
Prior to the new stock offering, SunEdison had 231.96 million shares outstanding, according to its SEC filing relating to the new stock issuance.
In addition to the 30 million shares made available to the public, SunEdison has also granted the underwriters of the offering a 30-day option to purchase as many as 4.5 million shares at the offering price less an "underwriting discount."
SunEdison said in its statement that proceeds from the offering, which could reach $217.5 million before underwriting costs, will be used for general corporate purposes including "funding working capital and growth initiatives."
The stock offering is expected to close on Sept. 18.