SAN DIEGO, Dec. 23, 2010 /PRNewswire/ -- Maxwell Technologies, Inc. (Nasdaq : MXWL ) announced today that 462,461 warrants to purchase Maxwell common stock at a price of $16.22 per share were exercised in full on December 20, 2010, resulting in cash proceeds of approximately $7.5 million. The warrants were issued in conjunction with a private placement of a $25 million convertible debenture in December 2005.
As the debenture holder elected to defer some quarterly repayment installments due in 2009, $8.3 million of the original $25 million principal remains outstanding. This amount is payable in equal installments in June, September and December 2011, or via conversion into Maxwell common stock at a price of $16.22 per share
Maxwell is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Our BOOSTCAP® ultracapacitor cells and multi-cell modules provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation and telecommunications. Our CONDIS® high-voltage grading and coupling capacitors help to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy. Our radiation-mitigated microelectronic products include power modules, memory modules and single board computers that incorporate powerful commercial silicon for superior performance and high reliability in aerospace applications. For more information, please visit our website: www.maxwell.com.
SOURCE Maxwell Technologies, Inc.