Real Goods converts series A, B 0% one-year convertibles for shares

By Susanna Moon

Chicago, July 17 – Real Goods Solar, Inc. said holders converted additional amounts of its series A 0% one-year senior secured convertible promissory notes and series B 0% one-year senior secured convertible promissory notes.

The conversions of aggregate additional amounts were as follows on July 13, according to an 8-K filing with the Securities and Exchange Commission:

• Holders of series A notes converted another $97,000 into 300,962 shares of the company’s class A common stock;

• Holders of series B notes converted another $1,000 into 3,103 of the class A shares; and

• Holders of series B notes converted an additional true-up amount of $48,000 into 148,930 of the class A shares.

The conversions were as follows on July 16:

• Holders of series A notes converted another $388,000 into 1,203,848 shares of the company’s class A common stock;

• Holders of series B notes converted another $6,000 into 18,618 of the class A shares; and

• Holders of series B notes converted an additional true-up amount of $120,000 into 372,325 of the class A shares.

As reported April 2, Real Goods Solar, Inc. negotiated a $5 million private placement of $5.75 million of series A 0% one-year senior secured convertible promissory notes and a placement of $5 million of one-year series B 0% senior secured convertible promissory notes on March 30.

The notes initially convert to common stock at $1.2405 per share. The conversion price is a 26.58% premium to the March 29 closing share price of $0.98.

The investors also will receive series Q warrants for 9,270,457 shares, which are exercisable at $1.12 for five years. The strike price is a 14.29% premium to the March 29 closing share price.

The solar energy company is based in Louisville, Colo.

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