AMSC Accelerates toward Profitability with the Acquisition of NWL, Inc.
AYER, Mass., Aug. 05, 2024 (GLOBE NEWSWIRE) — AMSC (Nasdaq:AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability of our Navy’s fleet, today announced that it has acquired NWL, Inc. (NWL), a private company based in New Jersey that provides power supplies to industrial and military customers. At closing, AMSC paid $25 million in cash and issued 1,297,600 restricted shares of AMSC common stock with a value of approximately $31.4 million. As part of the transaction, AMSC will make an additional cash payment of $5 million, subject to various adjustments set forth in the stock purchase agreement.