to-the-point Enphase Energy launches common stock offering
Dec 30, 2016 09:09 CET
December 30 – US microinverter maker Enphase Energy Inc (NASDAQ:ENPH) on December 23 said it is selling USD 17 million (EUR 16m) in common stock.
The company has signed an agreement with FBR Capital Markets & Co to serve as sales agent in the “at the market offering”. The proceeds will go for general corporate purposes, including working capital.
In September Enphase said it would axe about 11% of its global workforce and eliminate some non-core projects as it aims to reduce annual operating expenses. Its net loss deepened to USD 54.3 million in the first nine months of 2016 from USD 6.3 million a year back, and revenues declined to USD 232 million from USD 291.6 million.
Cash and cash equivalents as of September 30 stood at USD 24.1 million.
(USD 1 = EUR 0.95)
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