News

Raser Technologies cancels equity offering

Raser Technology, Thermo No1 plant, Utah (source: Raser)
Alexander Richter 10 May 2010

Raser Technologies, Inc. announces that it has terminated the Controlled Equity Offeringsm, or "at-the-market," program previously announced on April 8, 2010.

In a release, “Raser Technologies, Inc. announced today that it has terminated the Controlled Equity Offeringsm, or “at-the-market,” program previously announced on April 8, 2010. Raser provided notice to the sales agent, Cantor Fitzgerald & Co., of its intent to terminate the Sales Agreement between Raser and Cantor Fitzgerald & Co.

Raser CEO, Nick Goodman said, “Since the announcement of the Controlled Equity Offeringsm we have seen a great deal of volatility and a downward trend in the price of our common stock. We continue to believe that we can enhance stockholder value by executing our business plan, and we intend to use our best efforts to do so. In total, we have raised approximately $1.8 million in proceeds from the Offering, which equals approximately 6.1% of the total volume of shares traded since the Offering was announced on April 8th. While we are disappointed the ATM may have contributed to increased volatility of our stock price, we are comfortable that we have sufficient capitalization to meet our current needs and look forward to the results from our ongoing development and drilling activities at Lightning Dock.”

Raser is currently engaged in a process with the intent to monetize the tax benefits from the Thermo No. 1 project with a new tax equity party. The new tax equity party would replace Merrill Lynch, whose equity interest in the Thermo No. 1 project was redeemed in December 2009.”

Source: MarketWatch