Investors PCA LSG, Pegasus Partners buy series F preferreds in units
By Devika Patel
Knoxville, Tenn., Nov. 21 - Lighting Science Group Corp. completed a $40 million private placement of preferred stock units on Nov. 17, according to an 8-K filed Monday with the Securities and Exchange Commission. PCA LSG Holdings, LLC invested $10 million, Leon Wagner invested $1.5 million and Pegasus Partners IV, LP also participated.
The company sold 40,000 units of one series F preferred and 83 common shares at $1,000 per unit.
Each preferred must be redeemed by Feb. 21, 2014 and may be redeemed prior to that at the company's option with 10 days' notice.
Proceeds will be used for the company's increased working capital needs resulting from increases in orders during the fourth quarter of 2011, which it expects to continue in to 2012.
The Satellite Beach, Fla.-based company makes lighting devices and systems that use light-emitting diodes as the light source.
| Issuer: | Lighting Science Group Corp.
|
| Issue: | Units of one series F preferred share and 83 common shares
|
| Amount: | $40 million
|
| Units: | 40,000
|
| Price: | $1,000
|
| Maturity: | Feb. 21, 2014
|
| Call option: | Yes
|
| Warrants: | No
|
| Investors: | PCA LSG Holdings, LLC (for $10 million), Leon Wagner (for $1.5 million) and Pegasus Partners IV, LP
|
| Settlement date: | Nov. 17
|
| Stock symbol: | OTCBB: LSCG
|
| Stock price: | $2.31 at close Nov. 17
|
| Market capitalization: | $431.3 million
|
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