SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 24, 2011
BEACON POWER CORPORATION
(Exact Name of Registrant as Specified in Charter)
65 Middlesex Road
(Address of Principal Executive Offices) (Zip Code)
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events
As previously announced, on December 23, 2010, Beacon Power Corporation (the Company) consummated an underwritten public offering of $10,000,000 stated value of the Companys Series B Convertible Preferred Stock, par value $0.01 per share (the Preferred Stock), warrants to purchase an aggregate of $5,000,000 additional stated value of Preferred Stock (the Preferred Warrants) and warrants to purchase an aggregate of 44,582,707 shares of Common Stock. Each share of Preferred Stock has an initial stated value of $1,000 per share, and an initial conversion price of $0.25234.
Under the terms of the Preferred Warrants, the Company is required to file a Current Report on Form 8-K following an exercise or group of exercises of $500,000 or more of the Preferred Warrants. The Company last filed such a report on January 20, 2011.
Between January 20, 2011 and January 24, 2011, holders of the Preferred Warrants exercised Preferred Warrants to purchase 500 shares of Preferred Stock, with gross proceeds to the Company of $500,000. The shares of Preferred Stock issued upon exercise of the Preferred Warrants were immediately converted into Common Stock at the exercise price on the same date.
Giving effect to exercises of Preferred Warrants and conversions of Preferred Stock through January 24, 2011, there remain outstanding 4,870 shares of Preferred Stock and Preferred Warrants to purchase an additional 2,535 shares of Preferred Stock as of the close of business on January 24, 2011. The first Dividend Date and Installment Date (each as defined in the Certificate of Designations for the Preferred Stock, which was filed as Exhibit 3.1 to the Companys Current Report on Form 8-K filed December 22, 2010) will be February 1, 2011.
The information in this Current Report on Form 8-K is given only as of the date or dates indicated. The Company undertakes no obligation to update the information herein, except as required by law or by the terms of the securities described above.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.