Three-year 5% convertible debt converts to stock at $0.23 per share
By Devika Patel
Knoxville, Tenn., Dec. 18 - Energy Focus, Inc. said it settled a $1.5 million 5% convertible debt financing in the form of unsecured subordinated convertible notes.
The loan is convertible into common stock at a conversion price set at $0.23, which is a 21.05% premium to the Dec. 17 closing share price of $0.19 and also a roughly 14% premium to the average closing price of the stock for the 10 trading days preceding the agreement, the company noted in a press release. The debt matures on Dec. 31, 2015.
Proceeds will be used to finance the company's operations and fund internal growth.
Based in Solon, Ohio, Energy Focus designs, develops, manufactures and markets fiber optic lighting systems.
Issuer: | Energy Focus, Inc.
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Issue: | Unsecured subordinated convertible notes
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Amount: | $1.5 million
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Maturity: | Dec. 31, 2015
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Coupon: | 5%
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Conversion price: | $0.23
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Warrants: | No
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Settlement date: | Dec. 18
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Stock symbol: | OTCBB: EFOI
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Stock price: | $0.19 at close Dec. 17
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Market capitalization: | $8.24 million
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