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Entech swaps Quercus' series D preferreds for series D-1 preferreds
Investor cancels warrants, surrenders right to appoint board members
By Devika Patel
Knoxville, Tenn., Dec. 3 - Entech Solar Inc. negotiated an exchange agreement with Quercus Trust, the holder of the company's series D convertible preferred shares, on Nov. 29, according to an 8-K filed Friday with the Securities and Exchange Commission.
Under the agreement, the preferreds will be swapped for an equal number of newly created shares of the company's series D-1 convertible preferred shares.
Both series of preferreds have the same rights and preferences, except the series D-1 preferreds do not allow holders to elect or appoint members to the company's board of directors.
In addition, the investor also exchanged its warrant for series D preferreds for a warrant that is exercisable for an equal number of series D-1 preferreds. It also agreed to cancel its interest in the company's series I preferreds. As a result, The Quercus Trust no longer has any rights to appoint or elect members to the company's board.
The Fort Worth company designs, manufactures and installs solar energy systems that provide electricity and thermal energy in commercial and industrial applications.
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