Offering sells 5% unsecured subordinated convertible promissory notes
By Devika Patel
Knoxville, Tenn., March 12 - Energy Focus, Inc. arranged a $3.8 million private placement of 5% unsecured subordinated convertible promissory notes, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company has already raised $1.7 million.
The notes are due Dec. 31, 2016 and convert to common stock at $0.23 per share, which is a 9.52% premium to the March 11 closing share price of $0.21.
Based in Solon, Ohio, Energy Focus designs, develops, manufactures and markets fiber optic lighting systems.
| Issuer: | Energy Focus, Inc.
|
| Issue: | Unsecured subordinated convertible promissory notes
|
| Amount: | $3.8 million
|
| Maturity: | Dec. 31, 2016
|
| Coupon: | 5%
|
| Conversion price: | $0.23
|
| Warrants: | No
|
| Settlement date: | March 12 (for $1.7 million)
|
| Stock symbol: | OTCBB: EFOI
|
| Stock price: | $0.21 at close March 11
|
| Market capitalization: | $9.35 million
|
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