Offering sells 5% unsecured subordinated convertible promissory notes
By Devika Patel
Knoxville, Tenn., June 10 - Energy Focus, Inc. completed an $850,000 tranche of a $4.8 million private placement of 5% unsecured subordinated convertible promissory notes between May 30 and June 7, according to an 8-K filed Monday with the Securities and Exchange Commission. The company raised $1.8 million on March 31 and $1.6 million between May 7 and May 20.
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 a roughly 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.
|
| Issue: | Unsecured subordinated convertible promissory notes
|
| Amount: | $4.8 million
|
| Maturity: | Dec. 31, 2016
|
| Coupon: | 5%
|
| Conversion price: | $0.23
|
| Warrants: | No
|
| Upsized: | May 23
|
| Settlement date: | March 31 (for $1.8 million), May 20 (for $1.6 million), June 7 (for $850,000)
|
| Stock symbol: | OTCBB: EFOI
|
| Stock price: | $0.21 at close March 11
|
| Market capitalization: | $16.99 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
