Maxwell Technologies Plans to Sell $10 Million of Stock in Follow-On Offering

Maxwell Technologies Inc., a maker of heavy-duty capacitors for the transportation industry, said on April 23 that it planned to sell $10 million of stock in a follow-on offering.

Maxwell (Nasdaq: MXWL) made the announcement after the markets closed for the day. Shares of the security closed at $7.18, but dipped to $6.50 in after-hours trading, rising again to $6.84.

Cowen & Co. will sell the $10 million in stock, earning a 3 percent commission.

In other news, Maxwell reported first quarter financial results April 23, posting a net loss of $9.3 million on revenue of $34.7 million. In the year-ago quarter, Maxwell had net income of $319,000 on revenue of $46.0 million.

In a statement, CEO Franz Fink said he expected revenue of $160 million to $180 million for the entire year. Maxwell’s 2014 revenue was $186.6 million.

Some 48 percent of Maxwell’s revenues in 2014 came from China.