By Devika Patel
Knoxville, Tenn., Aug. 28 - Lighting Science Group Corp. sold a $5 million convertible note to Koninklijke Philips Electronics NV on Aug. 27, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 14% note is due on July 31, 2010. It may not be prepaid.
It is convertible into units of 1.006 series D non-convertible preferred shares and one warrant at $1.006 per unit. The warrants are exercisable at $6.00.
Dallas-based Lighting Science Group develops environmentally friendly lighting products.
| Issuer: | Lighting Science Group Corp.
|
| Issue: | Convertible note convertible into units of 1.006 series D non-convertible preferred shares and one warrant
|
| Amount: | $5 million
|
| Maturity: | July 31, 2010
|
| Coupon: | 14%
|
| Price: | Par
|
| Yield: | 14%
|
| Conversion price: | $1.006
|
| Warrants: | One per unit upon conversion
|
| Warrant strike price: | $6.00
|
| Investor: | Koninklijke Philips Electronics NV
|
| Settlement date: | Aug. 27
|
| Stock symbol: | OTCBB: LSCG
|
| Stock price: | $0.58 at close Aug. 27
|
| Market capitalization: | $19 million
|
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