By Sheri Kasprzak
Atlanta, Nov. 9 - Maxwell Technologies Inc. said Tuesday it raised $11 million through the sale of stock.
The company sold about 1.19 million shares directly to 13 institutional buyers at $9.24. The shares were sold under Maxwell's shelf registration to accredited investors.
The deal brings Maxwell's total common shares outstanding to 15.65 million.
Maxwell is a San Diego-based power backup and energy supply technology company. It plans to use the proceeds from the financing for working capital and general corporate purposes.
| Issuer: | Maxwell Technologies Inc.
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| Issue: | Stock
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| Amount: | $11 million
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| Shares: | 1.19 million
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| Price: | $9.24
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| Warrants: | No
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| Announcement date: | Nov. 9
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| Stock price: | $10.67 at close Nov. 9
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