Massachusetts-based battery maker A123 Systems finally completed its initial public offering on Thursday. The lithium ion start-up offered 28,180,501 shares of its common stock at an opening price of $13.50 a share. Apparently, traders on the Nasdaq exchange thought the price was too low and quickly bid it up to a first day closing price of $20.29 a share, a healthy 50-percent gain. For those interested in following the stock, it is listed under the ticker symbol AONE on the NASDAQ listings.
A123 was one of the suppliers that was evaluated by General Motors for the Volt and plug-in hybrid Vue programs. The company has also partnered with Chrysler on its electric and extend-range vehicle programs. A123 has developed a lithium iron phosphate battery chemistry that uses nano-sized electrode coating particles, which allow for more surface area and better thermal stability, thereby improving durability. Click past the break for the press release.
[Source: A123 Systems]
PRESS RELEASE
A123 Systems Announces Pricing of Its Initial Public Offering
WATERTOWN, Mass., Sept. 24, 2009 (GLOBE NEWSWIRE) -- A123 Systems, Inc. (Nasdaq:AONE) announced today the initial public offering of 28,180,501 shares of its common stock at $13.50 per share. The shares will begin trading on Thursday, September 24, 2009 on The NASDAQ Global Market under the ticker symbol "AONE." Of the shares in the offering, 27,500,000 shares are being offered by the company and 680,501 shares are being offered by selling shareholders. The company has granted the underwriters the option to purchase up to an additional 4,227,075 shares at the initial public offering price to cover over-allotments, if any.
Morgan Stanley & Co. Incorporated and Goldman, Sachs & Co. acted as joint book-running managers for the offering. BofA Merrill Lynch, Deutsche Bank Securities Inc., Lazard Capital Markets LLC, and Pacific Crest Securities acted as co-managers of the offering.
The offering of these securities will be made only by means of a prospectus, copies of which may be obtained from Morgan Stanley & Co. Incorporated, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, telephone: (866) 718-1649, or by emailing prospectus@morganstanley.com; or Goldman, Sachs & Co., Attention: Prospectus Department, 85 Broad Street, New York, New York 10004, telephone: (212) 902-1171 or toll-free (866) 471-2526 or by emailing prospectus-ny@ny.email.gs.com.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About A123 Systems
A123 Systems develops and manufactures advanced lithium-ion batteries and battery systems for the transportation, electric grid services and consumer markets. Founded in 2001 and headquartered in Massachusetts, A123 Systems' proprietary nanoscale electrode technology is built on initial developments from the Massachusetts Institute of Technology.
The A123 Systems, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6600
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Editor's Note: A123 Systems remains in a quiet period and is unable to conduct media interviews at this time.
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