SOUTHBOROUGH, Mass., Sept. 17, 2014 (GLOBE NEWSWIRE) -- Sevcon, Inc. (Nasdaq:SEV) a world leader in the design and manufacture of controls for zero emission electric and hybrid vehicles, today announced the closure and distribution of shares following its successful rights issue for Series A Convertible Preferred Stock. Stockholders of record will receive their entitlement of shares by close of business today.
Sevcon President and CEO Matt Boyle said, "We are delighted by the response of our shareholders to the rights issue and especially grateful to our larger shareholders, Gabelli Funds and Wells Fargo, for their substantial oversubscription. We also thank our employees, who subscribed for a significant number of shares. Our plans for deploying the capital raised in the offering are being worked through, and we look forward to updating stockholders on our progress in the coming months. It was extremely important for us to raise these funds in order to facilitate the continuing growth of the business, both organically and inorganically."
Subscribers may obtain further information by contacting the Information Agent for the rights offering at (855) 793-5068.
About Sevcon, Inc.
Sevcon is a world leader in the design and manufacture of controls for zero emission electric and hybrid vehicles. The controls are used to vary the speed and movement of vehicles, to integrate specialized functions, and to optimize the energy consumption of the vehicle's power source. Sevcon supplies customers throughout the world from its operations in the USA, the UK, France and the Asia Pacific region and through an international dealer network. Sevcon's customers are manufacturers of on and off road vehicles including cars, trucks, buses, motorcycles, fork lift trucks, aerial lifts, mining vehicles, airport tractors, sweepers and other electrically powered vehicles. For more information, visit www.sevcon.com.