Company also reduces conversion price of 4% series B preferred stock
By Devika Patel
Knoxville, Tenn., Jan. 4 - Westinghouse Solar, Inc. completed a $1 million private placement of stock on Dec. 30, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 1,666,667 common shares at $0.60 per share, which is a 93.55% premium to the Dec. 29 closing share price of $0.31.
Proceeds will be used as working capital for ordinary corporate purposes.
As a result of the sale, the conversion price of the company's 4% series B convertible preferred stock will be reduced to $0.60 per share from $0.80 per share, and the strike price of its series K warrants for 1.7 million common shares will be reduced to $0.60 per share from $0.80 per share.
Westinghouse Solar, based in Campbell, Calif., is a designer and manufacturer of solar power systems and solar panels with integrated microinverters.
| Issuer: | Westinghouse Solar, Inc.
|
| Issue: | Common shares
|
| Amount: | $1 million
|
| Units: | 1,666,667
|
| Price: | $0.60
|
| Warrants: | No
|
| Settlement date: | Dec. 30
|
| Stock symbol: | Nasdaq: WEST
|
| Stock price: | $0.32 at close Dec. 30
|
| Market capitalization: | $7.53 million
|
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