Company sells series J securities to Pegasus Capital affiliate
By Marisa Wong
Madison, Wis., Sept. 3 – Lighting Science Group Corp. issued 4,000 units of its series J securities to PCA LSG Holdings, LLC on Aug. 27 for total proceeds of $4 million, according to an 8-K filing with the Securities Exchange Commission.
Each series J security, priced at $1,000, consists of one share of the company’s series J convertible preferred stock and a warrant to purchase 2,650 shares of common stock at an exercise price of $0.001 per share.
The strike price reflects a 99.5% discount to the Aug. 13 closing share price of $0.20.
The warrants have substantially identical terms as the warrants previously issued to PCA LSG on Jan. 3, the filing said.
PCA LSG is an affiliate of Pegasus Capital Advisors, LP who, together with its affiliates, is the company’s largest stockholder.
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.
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| Issue: | Series J securities (units of convertible preferreds and warrants)
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| Amount: | $4 million
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| Units: | 4,000
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| Price: | $1,000
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| Preferreds: | One series J convertible preferred share per security
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| Warrant: | One warrant per security; each warrant to purchase 2,650 common shares
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| Warrant strike price: | $0.001
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| Investor: | PCA LSG Holdings, LLC
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| Pricing date: | Aug. 14
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| Settlement date: | Aug. 27
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| Stock symbol: | OTCBB: LSCG
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| Stock price: | $0.16 at close Sept. 2
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| Market capitalization: | $37.73 million
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