By Devika Patel
Knoxville, Tenn., June 22 - Nexxus Lighting, Inc. completed a $3.8 million private placement of 10% secured promissory notes on June 18, according to an 8-K filed Monday with the Securities and Exchange Commission.
The notes mature on Jan. 5, 2011.
The company also issued warrants for 285,000 shares. The warrants are exercisable at $6.43 for three years.
Proceeds will be used for working capital and other general corporate purposes.
Charlotte, N.C.-based Nexxus designs, manufactures, markets and sells new light-emitting diode lighting products and systems.
| Issuer: | Nexxus Lighting, Inc.
|
| Issue: | Secured promissory notes
|
| Amount: | $3.8 million
|
| Maturity: | Jan. 5, 2011
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Warrants: | For 285,000 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $6.43
|
| Settlement date: | June 18
|
| Stock symbol: | Nasdaq: NEXS
|
| Stock price: | $6.39 at close June 18
|
| Market capitalization: | $51.5 million
|
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