By Devika Patel
Knoxville, Tenn., May 12 - Entech Solar Inc. settled a $2 million private placement of 10% series H preferred stock on May 10, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 200 preferreds at $10,000 apiece to the Quercus Trust. The preferreds may be redeemed after four years.
Quercus also received a warrant for 22.5 million shares, which is exercisable at $0.12.
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 H preferred stock
|
| Amount: | $2 million
|
| Shares: | 200
|
| Price: | Par of $10,000
|
| Dividends: | 10%
|
| Call: | After four years
|
| Warrants: | For 22.5 million shares
|
| Warrant strike price: | $0.12
|
| Investor: | The Quercus Trust
|
| Settlement date: | May 10
|
| Stock symbol: | OTCBB: ENSL
|
| Stock price: | $0.17 at close May 10
|
| Market capitalization: | $54.6 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.
