By Devika Patel
Knoxville, Tenn., April 21 - Akeena Solar, Inc. plans to conduct a direct offering of series G warrants, according to a 424B5 prospectus supplement filed with the Securities and Exchange Commission Tuesday.
The company will issue 1,275,000 warrants. The warrants are immediately exercisable upon closing, at $1.12 per share.
The warrants are being issued as consideration for the investors agreeing to exercise certain warrants that had been issued in a March 3 private placement. The original warrants had a 67-trading-day term.
Under the amendment, the investors agreed to exercise 425,000 of these warrants immediately, resulting in proceeds of $476,000.
In consideration for this concession, Akeena agreed to amend the terms of the remaining warrants. Those warrants will now be exercisable until Aug. 10, 2009. The company also agreed to issue the new warrants to the investors as additional consideration.
Proceeds will be used for general corporate purposes.
Based in Los Gatos, Calif., Akeena designs solar-power systems for residential and commercial customers.
| Issuer: | Akeena Solar, Inc.
|
| Issue: | Series G warrants
|
| Amount: | $1,428,000
|
| Warrants: | 1,275,000
|
| Warrant strike price: | $1.12
|
| Pricing date: | April 21
|
| Stock symbol: | Nasdaq: AKNS
|
| Stock price: | $1.10 at close April 20
|
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