PCA gets units of one series G preferred and 83 common shares
By Jennifer Chiou
New York, March 26 - Lighting Science Group Corp. entered into a subscription agreement with PCA LSG Holdings, LLC, under which it raised $2 million in a private placement of its preferred stock units, according to an 8-K filed with the Securities and Exchange Commission.
Lighting Science sold 2,000 units of one series G preferred and 83 common shares at $1,000 per unit.
The company previously issued the same amount of the units to Leon Wagner. As announced, each preferred has a 10% dividend until Nov. 17, 2012, a 15% dividend from Nov. 17, 2012 until Feb. 21, 2014 and an 18% dividend after Feb. 21, 2014.
Under the agreement, if the company conducts an issue amounting to at least $50 million, it must notify PCA of the terms and conditions of the offering.
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 G preferred share and 83 common shares
|
| Amount: | $2 million
|
| Units: | 2,000
|
| Price: | $1,000
|
| Dividends: | 10% dividend until Nov. 17, 2012, a 15% dividend from Nov. 17. 2012 until Feb. 21, 2014, an 18% dividend after Feb. 21, 2014
|
| Warrants: | No
|
| Investor: | PCA LSG Holdings, LLC
|
| Settlement date: | March 20
|
| Stock symbol: | OTCBB: LSCG
|
| Stock price: | $1.10 at close March 26
|
| Market capitalization: | $221.7 million
|
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