A123 Systems hopes to raise $9m in share offering
A123 Systems Inc., a maker of batteries for electric vehicles that is struggling to stay in business, said Friday that it plans to sell stock and warrants to raise about $9 million in proceeds after expenses. The Waltham-based company also said it expects to soon have access to $30 million in previously restricted cash. But its shares fell more than 10 percent in midday trading. The company warned in May that it continues to post significant losses and may not be able to stay in business unless it’s able to secure more financing.