Offering sells 5% unsecured subordinated convertible promissory notes
By Devika Patel
Knoxville, Tenn., July 2 - Energy Focus, Inc. said it settled a final tranche of a $5.9 million private placement of 5% unsecured subordinated convertible promissory notes. The company raised $1.8 million on March 31, $1.6 million between May 7 and May 20 and $850,000 between May 30 and June 7. The deal was originally slated to raise $3.8 million and was increased to $4.8 million on May 23.
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 an approximately 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.
Proceeds will be used for operations and growth.
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
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| Amount: | $5.9 million
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| Maturity: | Dec. 31, 2016
|
| Coupon: | 5%
|
| Conversion price: | $0.23
|
| Warrants: | No
|
| Upsized: | May 23
|
| Settlement dates: | March 31 (for $1.8 million), May 20 (for $1.6 million), June 7 (for $850,000), July 2
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| Stock symbol: | OTCBB: EFOI
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| Stock price: | $0.21 at close March 11
|
| Market capitalization: | $16.76 million
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