American Superconductor tumbles on $115 mln equity raise

American Superconductor's AMSC.O shares down 17.3% premarket at $28.50 after equity raise

Ayer, Massachusetts-based power grid systems and solutions provider says sold ~4.1 mln shares at $28 for gross proceeds for $115.5 mln

Offering price is 18.7% discount to stock's last close on Tues

Co plans to use net proceeds for working capital and general purposes, including potential acquisitions

Oppenheimer sole bookrunner for offering

With ~39.5 mln shares outstanding, co has roughly $1.4 bln market cap

AMSC shares on Tues closed up 4.1% at $34.45, up 40% YTD

All 3 analysts covering AMSC are bullish with $39 median PT, LSEG data reflects