12.5% series C convertible preferreds sold to Bison Capital in deal
By Devika Patel
Knoxville, Tenn., Dec. 31 – Lime Energy Co. completed a $10 million private placement of 12.5% series C convertible preferred stock with Bison Capital Partners IV, LP on Dec. 23, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 10,000 preferreds at $1,000.00 per preferred.
Each preferred will be initially convertible into common shares at a conversion price of $2.40. The company may redeem the preferreds and they may be put.
The conversion price is a 7.15% premium to the $2.24 closing share price on Dec. 22.
Proceeds will be used for working capital and for other general corporate purposes.
The company also said that on Dec. 22, investors who held its series A and series B preferreds, as well as its pay-in-kind notes and warrants, opted to convert their securities.
Based in Huntersville, N.C., Lime Energy is an energy technology and engineering company.
| Issuer: | Lime Energy Co.
|
| Issue: | Series C convertible preferred stock
|
| Amount: | $10 million
|
| Shares: | 10,000
|
| Price: | $1,000.00
|
| Dividends: | 12.5%
|
| Conversion price: | $2.40
|
| Call: | After four years, in full, at par
|
| Put: | After four years
|
| Investors: | Bison Capital Partners IV, LP
|
| Settlement date: | Dec. 23
|
| Stock symbol: | Nasdaq: LIME
|
| Stock price: | $2.24 at close Dec. 22
|
| Market capitalization: | $10.94 million
|
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