Company sells 5,000 convertible preferred shares to RVL 1 in offering
By Devika Patel
Knoxville, Tenn., Feb. 22 - Revolution Lighting Technologies, Inc. completed a $5 million private placement of 5% series E convertible redeemable preferred stock with RVL 1 LLC on Feb. 21, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 5,000 preferreds at $1,000 apiece. It may redeem the preferreds at any time.
The preferreds will become voting and convertible into common shares after the company has complied with the requirements of Rule 14c-2 of the Securities Exchange Act of 1934. After that date, the preferreds will be convertible at a conversion price equal to $1.17 per share, which is identical to the Feb. 20 closing share price.
Proceeds will be used to fund recent customer orders as well as future growth.
Based in Boca Raton, Fla., Banyan focuses its efforts on railroad track construction, repair and maintenance businesses.
| Issuer: | Revolution Lighting Technologies, Inc.
|
| Issue: | Series E convertible redeemable preferred stock
|
| Amount: | $5 million
|
| Shares: | 5,000
|
| Price: | $1,000
|
| Dividends: | 5%
|
| Conversion price: | $1.17
|
| Call: | Yes
|
| Warrants: | No
|
| Investor: | RVL 1 LLC
|
| Settlement date: | Feb. 21
|
| Stock symbol: | Nasdaq: RVLT
|
| Stock price: | $1.17 at close Feb. 20
|
| Market capitalization: | $367.77 million
|
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