By Sheri Kasprzak
Atlanta, May 12 - Lighting Science Group Corp. said it has raised $6.91 million in a private placement of convertible preferred stock.
The preferreds pay annual dividends at 6% and are convertible into common shares at $0.80 each.
The investors also received warrants for 6,478,125 shares, exercisable at $0.96 each for five years.
The offering, which is being placed through agent Merriman Curhan Ford & Co., is expected to close May 13.
Based in Dallas, Lighting Science designs energy-efficient lighting. The proceeds will be used for working capital.
| Issuer: | Lighting Science Group Corp.
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| Issue: | Convertible preferred stock
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| Amount: | $6.91 million
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| Dividends: | 6%
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| Conversion price: | $0.80
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| Warrants: | For 6,478,125 shares
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| Warrant expiration: | Five years
|
| Warrant strike price: | $0.96
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| Placement agent: | Merriman Curhan Ford & Co.
|
| Announcement date: | May 12
|
| Settlement date: | May 13
|
| Stock price: | $1.52 at close May 12
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