Company also cuts strike price of warrants to match those sold in deal
By Devika Patel
Knoxville, Tenn., Oct. 8 - Akeena Solar, Inc. completed a private placement of stock on Oct. 7, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 4 million common shares at $0.55 per share for $2.2 million. The price per share reflects a 6.78% discount to the Oct. 6 closing share price of $0.59.
Investors also received warrants for 1.6 million shares, which are each exercisable at $0.61 for five years. The strike price is a 3.39% premium to the Oct. 6 price.
The company also reduced the strike price of its outstanding series I warrants to $0.61.
Based in Los Gatos, Calif., Akeena designs solar-power systems for residential and commercial customers.
| Issuer: | Akeena Solar, Inc.
|
| Issue: | Common stock
|
| Amount: | $4,104,783
|
| Shares: | 4 million
|
| Price: | $0.55
|
| Warrants: | For 1.6 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.61
|
| Settlement date: | Oct. 7
|
| Stock symbol: | Nasdaq: WEST
|
| Stock price: | $0.61 at close Oct. 7
|
| Market capitalization: | $22.87 million
|
© 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.
