Real Goods investors convert $600,000 of 8% notes into 680,581 shares

By Devika Patel

Knoxville, Tenn., Nov. 3 – Real Goods Solar, Inc. investors converted $600,000 of the company’s convertible senior secured notes due April 1, 2019 into 680,581 common shares at $0.75 per share as of Nov. 2, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The 8% notes due April 1, 2019 were sold with warrants in a $10 million private placement on April 1, and the company reported on Oct. 21 that it had reduced the fixed conversion price of the $6.7 million of remaining notes to $1.35 on Oct. 17. It further reduced the conversion price to $1.00 on Oct. 28 and to $0.75 on Nov. 1.

As of Nov. 2, holders have converted a total of $8.1 million of notes into 5,516,103 shares at conversion prices ranging between $0.75 and $1.74 per share.

There are approximately $2.7 million of notes remaining outstanding.

The solar energy company is based in Louisville, Colo.

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