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Evergreen Solar Oversold Ahead of Secondary Offering? (ESLR)

Evergreen Solar, Inc. (NASDAQ: ESLR) has seen its shares hit harder than most of the other solar stocks this week. On this last Monday it filed to sell 20 million shares of common stock in a secondary offering. At current prices this will represent roughly $200 million if the overallotment isn’t exercised. What is interesting is that if you were looking for a use of proceeds, this is the best use of proceeds for an emerging solar company. Proceeds are to complete Phase I of its development of a new manufacturing facility in Massachusetts, and to plan, construct and equip…
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