- Substantially reduce the Company's outstanding indebtedness and annual interest expense;
- Exchange a substantial portion of the Company's existing convertible debt for new debt with longer maturities and lower conversion prices;
- Create a capital structure that should provide greater incentive to convertible debt holders to convert their notes into shares of the Company's common stock, which would further accomplish Evergreen Solar's goal of substantially reducing outstanding debt; and
- Enhance the Company's flexibility to manage its business by eliminating certain restrictive covenants and the security interests contained in existing debt instruments.
No fractional shares will be issued as a result of the reverse stock split. Instead, stockholders who otherwise would be entitled to receive a fractional share because they hold a number of shares not evenly divisible by six, will receive an additional share of common stock because each fractional share will be rounded up to the nearest whole share.More information on the reverse stock split is available in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on June 7, 2010. Where You Can Find Additional Information Further details regarding the terms and conditions of the recapitalization plan, including the exchange of convertible debt, can be found in the registration statement that has been filed with the SEC, and in a tender offer statement on Schedule TO that will be filed with the SEC. Any investor holding the company’s existing notes should read the registration statement, the tender offer statement and other documents the company has filed or will file with the SEC for more complete information about the issuer and the recapitalization plan. The registration statement, the tender offer statement when filed and other related documents can be obtained for free from the SEC’s Electronic Document Gathering and Retrieval System (EDGAR), which may be accessed at www.sec.gov. Documents are also available for free upon written or oral request made to the office of the Corporate Secretary, Evergreen Solar, Inc., 138 Bartlett Street, Marlboro, Massachusetts 01752 (Telephone (508) 357-2221) and from the Company’s website at www.evergreensolar.com. Non-Solicitation This press release does not constitute an offer to purchase, a solicitation of an offer to purchase, or a solicitation of an offer to sell securities. Evergreen Solar has not yet commenced the exchange of convertible debt that is a part of the recapitalization plan. About Evergreen Solar Evergreen Solar, Inc. develops, manufactures and markets String Ribbon® solar power products using its proprietary, low-cost silicon wafer technology. The Company's patented wafer manufacturing technology uses significantly less polysilicon than conventional processes. Evergreen Solar's products provide reliable and environmentally clean electric power for residential and commercial applications globally. For more information about the Company, please visit www.evergreensolar.com. Evergreen Solar® and String Ribbon® are trademarks of Evergreen Solar, Inc.