By Devika Patel
Knoxville, Tenn., March 24 - Entech Solar Inc. settled a $1.5 million private placement of 10% series G preferred stock on March 19, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 150 preferreds at $10,000 apiece to the Quercus Trust.
Quercus also received a warrant for 11,911,764 shares, which is exercisable at $0.17.
The Fort Worth company designs, manufactures and installs solar energy systems that provide electricity and thermal energy in commercial and industrial applications.
| Issuer: | Entech Solar Inc.
|
| Issue: | Series G preferred stock
|
| Amount: | $1.5 million
|
| Shares: | 150
|
| Price: | $10,000
|
| Dividends: | 10%
|
| Warrants: | For 11,911,764 shares
|
| Warrant strike price: | $0.17
|
| Investor: | The Quercus Trust
|
| Settlement date: | March 19
|
| Stock symbol: | OTCBB: ENSL
|
| Stock price: | $0.17 at close March 19
|
| Market capitalization: | $37.1 million
|
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