Securities sold to Aston Capital at $10.00 per convertible preferred
By Devika Patel
Knoxville, Tenn., Sept. 25 - Nexxus Lighting, Inc. said it settled a $6 million private placement of its series B convertible preferred stock with Aston Capital, LLC.
The company sold 600,000 preferreds at $10.00 apiece.
The preferreds are convertible into 46,153,846 common shares at $0.13 per share. The conversion price reflects a 72.92% discount to the closing share price of $0.48 on Sept. 24.
Proceeds were used to extinguish about $2.5 million of short-term debt at a discount, for the settlement payment owed in connection with the patent litigation brought by Royal Philips Electronics and working capital purposes.
Charlotte, N.C.-based Nexxus designs, manufactures, markets and sells new light-emitting diode lighting products and systems.
| Issuer: | Nexxus Lighting, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $6 million
|
| Shares: | 600,000
|
| Price: | $10.00
|
| Conversion ratio: | Into 46,153,846 common shares
|
| Conversion price: | $0.13
|
| Warrants: | No
|
| Investor: | Aston Capital, LLC
|
| Settlement date: | Sept. 25
|
| Stock symbol: | Nasdaq: NEXS
|
| Stock price: | $0.38 at close Sept. 24
|
| Market capitalization: | $9.21 million
|
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