New Issue: Akeena wraps $2 million private placement of shares

By Devika Patel

Knoxville, Tenn., Feb. 26 - Akeena Solar, Inc. settled a $2 million private placement of stock, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The company sold 1,785,714 common shares at $1.12 per share.

The investors also received warrants and 2,000 series A preferred shares, which are convertible into a maximum of 539,867 common shares, depending on share prices.

The series E warrants are for 1,339,286 shares and are exercisable at $1.34 for seven years.

The series F warrants are for 539,867 shares and are exercisable at $1.12 for 150 trading days.

The series G warrants are for 2,196,400 shares and are exercisable at $1.12 for 67 trading days.

Based in Los Gatos, Calif., Akeena designs solar-power systems for residential and commercial customers.

Issuer:	Akeena Solar, Inc.
Issue:	Common shares, 2,000 series A preferred shares
Amount:	$2 million
Shares:	1,785,714
Price:	$1.12
Warrants:	For 4,075,553 shares
Warrant expiration:	Seven years (for 1,339,286 shares), 150 trading days (for 539,867 shares), 67 trading days (for 2,196,400 shares)
Warrant strike price:	$1.34 (for 1,339,286 shares), $1.12 (for 2,736,267 shares)
Settlement date:	Feb. 26
Stock symbol:	Nasdaq: AKNS
Stock price:	$1.34 at close Feb. 25
Market capitalization:	$31.7 million
Preferreds
Conversion ratio:	Into a maximum of 539,867 common shares

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