American Superconductor’s stock sinks after share offering prices at 12% discount

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Shares of American Superconductor Corp. tumbled 12% in premarket trading Thursday, after the power grid and wind power company said it public stock offering priced at deep discount. The company sold 3.67 million shares, representing about 16% of the shares outstanding, at a price of $15.00 a share, which is 12.2% below Wednesday’s closing price of $17.10, to raise $55.05 million. The offering comes a week after the stock closed at a 6-year high $18.25. Year to date, the stock has more than doubled (up 117.8%) while the S&P 500 has gained 6.3%.
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