Prior to the weekend break, Massachusetts based lithium-ion battery supplier A123 Systems became public by joining in on the stock market. Read our earlier report here.
The company offered 28,180,501 shares to NASDAQ opening at $13.50 a share. Trading was hot as bidders quickly shot the price per share up to $20.29 by the close of the day Thursday. A single day increase of nearly 50% shows strong interest in the American based battery supplier. The stock stayed in the $19 range throughout Friday with the last trade listed at $19.60.
Listed under the stock symbol of AONE, A123 Systems has partnered with Chrysler to work with them on the EV and extended range vehicle programs. GM also considered the company as a supplier for the Volt and Plug-In SUV projects.
The company is widely considered to be one of the leading advanced battery manufacturers in the U.S. as well as throughout the world. Their breakthrough technology includes the development of lithium iron phosphate batteries that utilize nano sized electrode coating technology. This design creates more surface area and enhances the thermal stability of the battery.
If interested in pursuing A123 stocks, look them up by their ticker symbol of AONE on NASDAQ.
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 [email protected]; 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 [email protected].
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