Offering sells 5% unsecured subordinated convertible promissory notes
By Devika Patel
Knoxville, Tenn., May 23 - Energy Focus, Inc. settled a $1.6 million tranche of a $3.8 million private placement of 5% unsecured subordinated convertible promissory notes between May 7 and May 20, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company raised $1.8 million on March 31. The company said it expects to raise an additional $1.4 million over the next several weeks, resulting in a total of $4.8 million of proceeds.
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 and is also about a 12% premium to the average closing price of the stock during the period from Feb. 1 to March 6, the company noted in an 8-K filing.
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 promissory notes
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| Amount: | $4.8 million
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| Maturity: | Dec. 31, 2016
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| Coupon: | 5%
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| Conversion price: | $0.23
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| Warrants: | No
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| Upsized: | May 23
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| Settlement date: | March 31 (for $1.8 million), May 20 (for $1.6 million)
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| Stock symbol: | OTCBB: EFOI
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| Stock price: | $0.21 at close March 11
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| Market capitalization: | $21.01 million
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