Company sells 5,000 convertible preferred shares to RVL 1 in offering
By Devika Patel
Knoxville, Tenn., Aug. 27 - Revolution Lighting Technologies, Inc. completed a $5 million private placement of 7% series F convertible redeemable preferred stock with RVL 1 LLC on Aug. 22, according to an 8-K filed Tuesday 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 are voting and convertible into common shares at $4.5881 per share, which is a 36.96% premium to the Aug. 21 closing share price of $3.35.
Proceeds will be used to fund cash consideration for the company's recently completed acquisition of Relume Technologies, Inc.
Based in Stamford, Conn., Revolution Lighting designs, manufactures and markets LED lighting solutions for the industrial, commercial and government markets.
| Issuer: | Revolution Lighting Technologies, Inc.
|
| Issue: | Series F convertible redeemable preferred stock
|
| Amount: | $5 million
|
| Shares: | 5,000
|
| Price: | $1,000
|
| Dividends: | 7%
|
| Conversion price: | $4.5881
|
| Call: | Yes
|
| Warrants: | No
|
| Investor: | RVL 1 LLC
|
| Settlement date: | Aug. 22
|
| Stock symbol: | Nasdaq: RVLT
|
| Stock price: | $3.35 at close Aug. 21
|
| Market capitalization: | $251.13 million
|
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