Real Goods Solar to issue 12% preferreds through rights offering

By Wendy Van Sickle

Columbus, Ohio, Sept. 30 – Real Goods Solar Holdings, Inc. said it is planning for a rights offering for up to $20 million 12% preferred shares to its common shareholders and warrant holders.

The dividend record date is to be determined, according to a news release.

Holders of the company’s class A common stock and holders of outstanding warrants to purchase class A common stock will receive 10 non-transferable subscription rights for each share of class A common stock owned or purchasable under warrants as of the record date.

Each subscription right will allow the holder to purchase one share of series 1 non-convertible preferred stock for $10 per preferred.

Each preferred will earn a 12% annual dividend, payable quarterly in cash or in kind, and have 100 votes on all matters submitted to a vote of the holders of class A common stock.

Proceeds will be used to commercialize the company’s Powerhouse solar shingle and for general corporate purposes.

RHK Capital is the dealer manager for the offering. Mackenzie Partners is the information agent.

Real Goods Solar is a Denver-based company that manufactures in-roof solar shingle technology.

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