<PAGE>
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON OCTOBER 26, 1999
REGISTRATION NO. 333-87459
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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AMENDMENT NO. 1
TO
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
----------------
ADVANCED ENERGY INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
DELAWARE 84-0846841
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
</TABLE>
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1625 SHARP POINT DRIVE
FORT COLLINS, COLORADO 80525
(970) 221-4670
(Address, including zip code, and telephone number, including
area code, of registrant's principal executive offices)
----------------
RICHARD P. BECK
ADVANCED ENERGY INDUSTRIES, INC.
1625 SHARP POINT DRIVE
FORT COLLINS, COLORADO 80525
(970) 221-4670
(Name, address, including zip code, and telephone number, including area code,
of agent for service)
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WITH COPIES TO:
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<S> <C>
MICHELLE L. JOHNSON BARRY L. DASTIN
CARISSA C. W. COZE RUSS A. CASHDAN
THELEN REID & PRIEST LLP KAYE, SCHOLER, FIERMAN, HAYS & HANDLER,
TWO EMBARCADERO CENTER, SUITE 2100 LLP
SAN FRANCISCO, CALIFORNIA 94111-3995 1999 AVENUE OF THE STARS, SUITE 1600
LOS ANGELES, CALIFORNIA 90067
</TABLE>
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Approximate date of commencement of proposed sale to the public: As soon as
practicable after the effective date of this Registration Statement.
----------------
If the only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the following
box. / /
If any of the securities being registered on this Form are to be offered on
a delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest
reinvestment plans, check the following box. / /
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier
effective registration statement for the same
offering. / / __________________________
If this Form is a post-effective amendment pursuant to Rule 462(c) under the
Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same
offering. / / __________________________
If the delivery of the prospectus is expected to be made pursuant to
Rule 434, please check the following box. / /
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THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR
DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL
FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION
STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF
THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME
EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a),
MAY DETERMINE.
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<PAGE>
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
The following table sets forth the costs and expenses, other than
underwriting discounts and commissions, payable by Advanced Energy and the
selling stockholders in connection with the sale of the common stock and
convertible notes being registered. All amounts are estimates except the SEC
registration fee, the NASD filing fee and the Nasdaq listing fee.
<TABLE>
<CAPTION>
AMOUNT
TO BE PAID
------------------
<S> <C>
SEC Registration Fee................................... $ 36,776
NASD Filing Fee........................................ 13,729
Nasdaq Listing Fee..................................... 8,750
Printing............................................... 175,000
Legal Fees and Expenses................................ 100,000
Accounting Fees and Expenses........................... 18,000
Blue Sky Fees and Expenses............................. 10,000
Transfer Agent and Registrar Fees...................... 5,000
Miscellaneous.......................................... 42,745
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Total.............................................. $ 410,000
==========
</TABLE>
ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS
As permitted by the Delaware General Corporation Law ("DGCL"), Advanced
Energy's Certificate of Incorporation, as amended (the "AE Certificate"),
provides that no director shall be personally liable to Advanced Energy or any
stockholder for monetary damages for breach of fiduciary duty as a director,
except for liability: (i) for any breach of the duty of loyalty to Advanced
Energy or its stockholders; (ii) for acts or omissions not in good faith or
involving intentional misconduct or a knowing violation of the law; (iii) under
Section 174 of the DGCL; or (iv) for any transaction from which the director
derived an improper personal benefit. While the AE Certificate provides
protection from awards for monetary damages for breaches of fiduciary duty, it
does not eliminate the director's duty of care. Accordingly, the AE Certificate
will not affect the availability of equitable remedies, such as an injunction,
based on a director's breach of the duty of care. The provisions of the AE
Certificate described above apply to officers of Advanced Energy only if they
are directors of Advanced Energy and are acting in their capacity as directors,
and does not apply to officers of Advanced Energy who are not directors.
In addition, Advanced Energy's Bylaws provide that Advanced Energy shall
indemnify its Executive Officers (as defined in Rule 3b-7 under the Exchange
Act) and directors, and any employee who serves as an Executive Officer or
director of any corporation at Advanced Energy's request, to the fullest extent
permitted under and in accordance with the DGCL; provided, however, that
Advanced Energy may modify the extent of such indemnification by individual
contracts with its Executive Officers and directors; and, provided further, that
Advanced Energy shall not be required to indemnify any Executive Officer or
director in connection with any proceeding (or part thereof) initiated by such
person unless: (i) such indemnification is expressly required to be made by law;
(ii) the proceeding was authorized by the directors of Advanced Energy;
(iii) such indemnification is provided by Advanced Energy, in its sole
discretion, pursuant to the powers vested in Advanced Energy under the DGCL; or
(iv) such indemnification is required to be made under Article XI, Section 43,
Subsection (d) of Advanced Energy's Bylaws. Under the DGCL, directors and
officers
II-1
<PAGE>
as well as employees and individuals may be indemnified against expenses
(including attorneys' fees), judgments, fines and amounts paid in settlement in
connection with specified actions, suits or proceedings, whether civil,
criminal, administrative or investigative (other than an action by or in the
right of the corporation as a derivative action) if they acted in good faith and
in a manner they reasonably believed to be in or not opposed to the best
interests of the corporation, and with respect to any criminal action or
proceeding, had no reasonable cause to believe their conduct was unlawful.
Advanced Energy maintains a policy of directors' and officers' liability
insurance that insures Advanced Energy's directors and officers against the
costs of defense, settlement or payment of a judgment under certain
circumstances.
In addition, the selling stockholders and the underwriters for this
offering, and the underwriters for the concurrent convertible notes offering,
have agreed to indemnify Advanced Energy's officers, directors and controlling
persons against certain civil liabilities, including liabilities under the
Securities Act of 1933.
ITEM 16. EXHIBITS
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<CAPTION>
EXHIBIT DESCRIPTION
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<C> <S>
*1.1 Form of Underwriting Agreement among the Underwriters, the
selling stockholders and Advanced Energy Industries, Inc.
4.1 Restated Certificate of Incorporation, as amended (1)
4.2 Bylaws (2)
4.3 Specimen Certificate for the Common Stock (2)
4.4 Form of Indenture between State Street Bank and Trust
Company of California, N.A., as trustee, and Advanced Energy
Industries, Inc. (including form of % Convertible
Subordinated Note due 2006) (3)
*4.5 Undertaking re Other Long-Term Debt
5.1 Opinion of Thelen Reid & Priest LLP re Legality of the
Common Stock
23.1 Consent of Thelen Reid & Priest LLP (4)
23.2 Consent of Arthur Andersen LLP
23.3 Consent of KPMG LLP
*24.1 Power of Attorney
</TABLE>
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(1) Incorporated by reference from Advanced Energy's Quarterly Report on
Form 10-Q for the quarter ended June 30, 1999, filed July 28, 1999 (File
No. 000-26966).
(2) Incorporated by reference from Advanced Energy's Registration Statement on
Form S-1, filed September 20, 1995, as amended (File No. 33-97188).
(3) Incorporated by reference from Advanced Energy's Registration Statement on
Form S-3 relating to the convertible notes, filed September 21, 1999 (File
No. 333-87455).
(4) Included in Exhibit 5.1.
* Previously filed.
II-2
<PAGE>
ITEM 17. UNDERTAKINGS
(b) The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(h) Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.
(i) The undersigned registrant hereby undertakes that:
(1) For purposes of determining any liability under the Securities Act
of 1933, the information omitted from the form of prospectus filed as part
of this registration statement in reliance upon Rule 430A and contained in a
form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or
(4) or 497(h) under the Securities Act shall be deemed to be part of this
registration statement as of the time it was declared effective.
(2) For the purpose of determining any liability under the Securities
Act of 1933, each post-effective amendment that contains a form of
prospectus shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
(j) The undersigned registrant hereby undertakes to file an application for
the purpose of determining the eligibility of the trustee to act under
subsection (a) of Section 310 of the Trust Indenture Act in accordance with the
rules and regulations prescribed by the Commission under Section 305(b)(2) of
the Act.
II-3
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Fort Collins, State of Colorado, on October 25, 1999.
<TABLE>
<S> <C> <C>
ADVANCED ENERGY INDUSTRIES, INC.
By: /s/ RICHARD P. BECK
--------------------------------------
Name: Richard P. Beck
--------------------------------------
Title: Senior Vice President and Chief
Financial Officer
--------------------------------------
</TABLE>
II-4
<PAGE>
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the date indicated.
<TABLE>
<S> <C>
Date: October 25, 1999 /s/ DOUGLAS S. SCHATZ*
--------------------------------------------
Douglas S. Schatz
Chief Executive Officer and Chairman of the
Board
(Principal Executive Officer)
Date: October 25, 1999 /s/ HOLLIS L. CASWELL*
--------------------------------------------
Hollis L. Caswell
President, Chief Operating Officer and
Director
Date: October 25, 1999 /s/ RICHARD P. BECK
--------------------------------------------
Richard P. Beck
Senior Vice President and Chief Financial
Officer and Director
(Principal Financial and Accounting Officer)
Date: October 25, 1999 /s/ G. BRENT BACKMAN*
--------------------------------------------
G. Brent Backman
Director
Date: October 25, 1999 /s/ ARTHUR A. NOETH*
--------------------------------------------
Arthur A. Noeth
Director
Date: October 25, 1999 /s/ ELWOOD SPEDDEN*
--------------------------------------------
Elwood Spedden
Director
Date: October 25, 1999 /s/ GERALD STAREK*
--------------------------------------------
Gerald Starek
Director
Date: October 25, 1999 /s/ ARTHUR ZAFIROPOULO*
--------------------------------------------
Arthur Zafiropoulo
Director
*By: /s/ RICHARD P. BECK
----------------------------------------
Richard P. Beck
ATTORNEY-IN-FACT
</TABLE>
II-5
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT DESCRIPTION
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<C> <S>
*1.1 Form of Underwriting Agreement among the Underwriters, the
selling stockholders and Advanced Energy Industries, Inc.
4.1 Restated Certificate of Incorporation, as amended (1)
4.2 Bylaws (2)
4.3 Specimen Certificate for the Common Stock (2)
4.4 Form of Indenture between State Street Bank and Trust
Company of California, N.A., as trustee, and Advanced Energy
Industries, Inc. (including form of % Convertible
Subordinated Note due 2006) (3)
*4.5 Undertaking re Other Long-Term Debt
5.1 Opinion of Thelen Reid & Priest LLP re Legality of the
Common Stock
23.1 Consent of Thelen Reid & Priest LLP (4)
23.2 Consent of Arthur Andersen LLP
23.3 Consent of KPMG LLP
*24.1 Power of Attorney
</TABLE>
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(1) Incorporated by reference from Advanced Energy's Quarterly Report on
Form 10-Q for the quarter ended June 30, 1999, filed July 28, 1999 (File
No. 000-26966).
(2) Incorporated by reference from Advanced Energy's Registration Statement on
Form S-1, filed September 20, 1995, as amended (File No. 33-97188).
(3) Incorporated by reference from Advanced Energy's Registration Statement on
Form S-3 relating to the convertible notes, filed September 21, 1999 (File
No. 333-87455).
(4) Included in Exhibit 5.1.
* Previously filed.
<PAGE>
Exhibits 5.1 and 23.1
[Letterhead of Thelen Reid & Priest LLP]
October 25, 1999
Advanced Energy Industries, Inc.
1625 Sharp Point Drive
Fort Collins, CO 80525
Ladies and Gentlemen:
We have acted as counsel for Advanced Energy Industries, Inc., a
Delaware corporation (the "Company"), in connection with the preparation of
the Registration Statement on Form S-3, File No. 333-87459 (the "Form S-3")
relating to the issuance and sale by the Company of 1,000,000 shares of
common stock, $0.001 par value, of the Company ("Common Stock"), and the sale
by six of the Company's stockholders of up to 2,450,000 shares of Common
Stock (together, the "Offering").
In so acting, we have examined the Form S-3, the Company's
Certificate of Incorporation and Bylaws, as in effect as of the date hereof,
the form of underwriting agreement with respect to the Offering filed as an
exhibit to the Form S-3 (the "Underwriting Agreement") and such other
documents, records, certificates of officers of the Company, certificates of
public officials and other instruments as we have deemed necessary or
appropriate under the circumstances for purpose of giving the opinion
expressed herein. In making such examinations, we have assumed (a) the
genuineness of all signatures; (b) the authenticity of all documents
submitted to us as originals; (c) the conformity to original documents of all
documents submitted to us as certified copies or photocopies; and (d) the
identity and capacity of all individuals acting or purporting to act as
public officials.
Based upon, subject to and limited by the foregoing, we are of the
opinion that the shares of Common Stock to be offered and sold by the Company
will be legally issued, fully paid and non-assessable, provided that (a) the
Board of Directors of the Company, or the duly authorized committee thereof,
approves the price at which the Common Stock is to be sold, (b) the Company
and the underwriters of the Offering duly execute and deliver the
Underwriting Agreement, substantially in the form reviewed by us, (c) the
Board of Directors of the Company duly authorizes the issuance of the Common
Stock, (d) the consideration for the issuance of the Common Stock is at least
equal to the aggregate par value of the Common Stock, (e) the Form S-3 is
effective as of the time of the sale, (f) the Common Stock is issued in
accordance with the
<PAGE>
Advanced Energy Industries, Inc.
October 25, 1999
Page 2
terms of the Underwriting Agreement, and (g) the Company actually receives
the price for the Common Stock that is approved by the Board of Directors or
duly authorized committee. We are members of the bar of the State of
California and we express no opinion as to the laws of any state or
jurisdiction other than federal laws of the United States, the laws of the
State of California and the corporate laws of the State of Delaware. We
hereby consent to the filing of this opinion with the Securities and Exchange
Commission as an exhibit to the Form S-3. We further consent to the use of
our name under the heading "Legal Matters" in the prospectus included in the
Form S-3.
Very truly yours,
/s/ Thelen Reid & Priest LLP
THELEN REID & PRIEST LLP
<PAGE>
EXHIBIT 23.2
ARTHUR ANDERSEN LLP
CONSENT OF INDEPENDENT PUBLIC ACCOUNTS
As independent public accountants, we hereby consent to the incorporation by
reference in this Registration Statement on Form S-3 of our report dated
February 5, 1999 included in Advanced Energy Industries, Inc.'s Form 10-K for
the year ended December 31, 1998 and to all references to our Firm included in
this Registration Statement (File No. 333-87459).
/S/ ARTHUR ANDERSEN LLP
Denver, Colorado,
October 22, 1999.
<PAGE>
EXHIBIT 23.3
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Board of Directors
Advanced Energy Industries, Inc.:
We consent to the incorporation by reference in the Registration Statement on
Form S-3 of Advanced Energy Industries, Inc. of our report dated January 16,
1998 with respect to the consolidated balance sheets of RF Power Products, Inc.
as of November 30, 1997 and 1996 and the related consolidated statements of
income, changes in shareholders' equity and cash flows for the years then ended
and related schedule (not separately presented herein), which report appears in
the annual report on Form 10-K of Advanced Energy Industries, Inc. for the year
ended December 31, 1998.
/S/ KPMG LLP
Philadelphia, Pennsylvania
October 22, 1999
