Deal sells 1,245 preferreds at $1,000; 750 preferreds sold initially
By Devika Patel
Knoxville, Tenn., Oct. 19 - Westinghouse Solar, Inc. negotiated a $1.25 million private placement of series C 8% convertible preferred stock on Oct. 18, according to an 8-K filed Friday with the Securities and Exchange Commission. It will raise $750,000 in the first tranche.
The company will sell 1,245 preferreds at $1,000.00 per preferred, with 750 preferreds to be sold in the initial tranche.
Proceeds will be used as working capital for ordinary corporate purposes.
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: | Series C convertible preferred stock
|
| Amount: | $1,245,000
|
| Preferreds: | 1,245
|
| Price: | $1,000.00
|
| Dividends: | 8%
|
| Warrants: | No
|
| Pricing date: | Oct. 18
|
| Stock symbol: | Nasdaq: WEST
|
| Stock price: | $0.17 at close Oct. 17
|
| Market capitalization: | $2.93 million
|
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