PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED FEBRUARY 22, 1999
EVERCEL, INC.
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During the period (the "Rights Offering Period") from the issuance by
Evercel, Inc. (the "Company") of transferable subscription rights (the "Rights")
to subscribe for and purchase additional shares of Common Stock, $.01 par value
("Common Stock"), of the Company (the "Rights Offering") through 5:00 p.m.,
Eastern time, on March 22, 1999, stockholders of the Company validly exercised
Rights to purchase a total of 921,915 shares of Common Stock in the Rights
Offering. Subject to the terms of the Standby Underwriting Agreement dated
February 19, 1999, between the Company and the Underwriters, 466,941 shares of
Common Stock not subscribed for in the Rights Offering will be purchased by the
Underwriters at the price of $6.00 per share and the Underwriters are offering
to sell such shares to the public at such price.
The Underwriters have advised the Company that, during the Rights
Offering Period, they purchased 110,800 Rights in the open market at prices
ranging from $.05 to $.25 per Right.
The Common Stock of the Company is listed for quotation on the Nasdaq
SmallCap Market under the symbol "EVRC" and the Boston Stock Exchange under the
symbol "EVL".
On March 22, 1999 the Board of Directors of the Company appointed
Robert L. Kanode as the President and Chief Executive Officer of the Company.
Mr. Kanode joins the Company from Varta Batteries Inc., a subsidiary of Varta AG
(Hanover, Germany), where he has served as President since 1996 and where he was
Vice President of Sales and Marketing during 1996. Prior to his position at
Varta, Mr. Kanode held various positions at IBM since 1981, including positions
on the IBM ThinkPad team, from 1991 through 1996.
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The date of this Prospectus Supplement is April 9, 1999.
