By Sheri Kasprzak
New York, March 9 - Akeena Solar, Inc. completed a $4.1 million private placement.
The company sold 2,062,304 shares to a group of investors led by The Westly Group. The exact price per share could not be determined by press time Friday.
The investors also received warrants for 206,230 shares, exercisable at $2.75 each for three years, and warrants for 206,230 shares, exercisable at $3.00 each for three years.
Proceeds will be used for research and development, growth initiatives, capital expenditures and working capital.
Empire Financial Group, Inc. was the placement agent.
Based in Los Gatos, Calif., Akeena develops residential and small commercial solar power systems.
| Issuer: | Akeena Solar, Inc.
|
| Issue: | Stock
|
| Amount: | $4.1 million
|
| Shares: | 2,062,304
|
| Warrants: | For 412,460 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.75 for half; $3.00 for half
|
| Investors: | The Westly Group (lead)
|
| Placement agent: | Empire Financial Group, Inc.
|
| Settlement date: | March 9
|
| Stock symbol: | OTCBB: AKNS
|
| Stock price: | $2.28 at close March 9
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
