A123 Systems Shares Begin Trading on Nasdaq--A Groundbreaking Step for the Nanotech-Enabled Company
Company Is Using Nanotechnology to Create Next Generation Lithium Ion Batteries
A123 Systems completed its IPO last week, with more than 28 million shares of its common stock available starting last Thursday on Nasdaq at the starting price of $13.50/share. On September 24, the stock reached $20.18/share. A123 Systems, which is based in Massachusetts, has developed novel nanoscale electrode technology built on initial research developed at MIT. Lead underwriters include Morgan Stanley & Co. Incorporated, Goldman, Sachs & Co., and Bank of America. Given the small number of IPOs announced in 2008 and through Q22009, A123 Systems' announcement brings excitement and anticipation in the nanotech and cleantech communities.
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