Bookrunners Oppenheimer and Canaccord Genuity will assist with sale
By Devika Patel
Knoxville, Tenn., Sept. 11 – Energy Focus, Inc. said it priced a $25.5 million public sale of stock with a $7.65 million greenshoe. The deal was announced on Thursday and will be conducted alongside a $25.5 million secondary offering.
The company will sell 1.5 million common shares at $17.00 per share, and the selling stockholders will sell another 1.5 million shares at the same price. The price per share is a 26.09% discount to the Sept. 10 closing share price of $23.00.
Oppenheimer & Co. Inc. is the lead bookrunner, and Canaccord Genuity Inc. is also a bookrunning manager.
Settlement is expected on Sept. 16.
Proceeds will be used for growth, working capital and other general corporate purposes.
Based in Solon, Ohio, Energy Focus designs, develops, manufactures and markets fiber optic lighting systems.
| Issuer: | Energy Focus, Inc.
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| Issue: | Common stock
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| Amount: | $25.5 million
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| Greenshoe: | $7.65 million, or 450,000 shares
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| Shares: | 1.5 million
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| Price: | $17.00
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| Warrants: | No
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| Bookrunners: | Oppenheimer & Co. Inc. (lead) and Canaccord Genuity Inc.
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| Co-manager: | Rodman & Renshaw
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| Announcement date: | Sept. 10
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| Pricing date: | Sept. 11
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| Settlement date: | Sept. 16
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| Stock symbol: | Nasdaq: EFOI
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| Stock price: | $23.00 at close Sept. 10
|
| Market capitalization: | $171.21 million
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