Lighting Science reduces conversion price on 6% convertible preferreds

By Sheri Kasprzak

New York, June 12 - Lighting Science Group Corp. has dropped the conversion price on its 6% convertible preferreds in anticipation of a proposed line of credit facility.

The conversion price was reduced to $0.50 from $0.80. The conversion price may be reduced again if the stock closes below $0.50 on Dec. 29, 2006.

Also, the strike price of the warrants issued with the preferreds was reduced to $0.30 from $0.96.

In other news, Lighting Science said it anticipates it will receive a line of credit facility with an institutional investor.

Dallas-based Lighting Science manufactures energy-efficient lighting products.

The stock dropped 3.85%, or 1.5 cents, to close at $0.375 (OTCBB: LSGP).

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