Deal sells 13,000 convertible preferreds to Serengeti Asset Management
By Devika Patel
Knoxville, Tenn., Nov. 19 – Lighting Science Group Corp. said it raised $13 million in a private placement of its series J convertible preferred stock with Serengeti Asset Management.
The company sold 13,000 preferreds at $1,000 apiece. The preferreds are each convertible into common stock at $0.95 per share, which is a 400% premium to the Nov. 18 closing share price of $0.19.
Proceeds will be used for growth and solidify the company's position in the LED lighting market.
The Melbourne, 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 convertible preferred stock
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| Amount: | $13 million
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| Shares: | 13,000
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| Price: | $1,000
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| Conversion price: | $0.95
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| Warrants: | No
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| Investor: | Serengeti Asset Management
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| Settlement date: | Nov. 19
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| Stock symbol: | OTCBB: LSCG
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| Stock price: | $0.19 at close Nov. 18
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| Market capitalization: | $38.82 million
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