Energy Focus, Inc. Announces $2.75 Million Registered Direct Offering Priced At-the-Market
10 Janeiro 2020 - 10:00AM
Energy Focus, Inc. (NASDAQ:EFOI), a leader in advanced LED lighting
technologies and solutions,
today announced
that it has entered into definitive securities purchase agreements
with certain institutional investors for the issuance and sale of
3,441,803 shares of the Company’s common stock, at a purchase price
of $0.799 per share, in a registered direct offering priced
at-the-market. The Company also agreed to issue to the
institutional investors unregistered warrants to purchase up to
3,441,803 shares of common stock, at an exercise price of $0.674
per share in a concurrent private placement.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offerings.
The warrants will be exercisable upon issuance
and will expire five years following the date of issuance. The
closing of the sale of the securities is expected to occur on or
about January 13, 2020, subject to the satisfaction of customary
closing conditions.
The gross proceeds to the Company are expected
to be approximately $2.75 million, before deducting placement agent
fees and other offering expenses. Energy Focus currently intends to
use the net proceeds from the offering for general corporate
purposes, including a payment of 10% of the gross proceeds to
reduce the balance of an outstanding promissory note in accordance
with the terms of such note.
The shares of common stock (but not the warrants
or the shares of common stock underlying the warrants) are being
offered pursuant to a “shelf” registration statement on Form S-3
(File No. 333-228255), which was declared effective by the
Securities and Exchange Commission (SEC) on December 4, 2018. A
prospectus supplement and the accompanying prospectus relating to
the registered direct offering will be filed with the SEC.
Electronic copies of the prospectus supplement and the accompanying
prospectus relating to the registered direct offering may be
obtained, when available, from H.C. Wainwright & Co., LLC, 430
Park Avenue 3rd Floor, New York, New York 10022, or by calling
(646) 975-6996 or by emailing placements@hcwco.com or at the SEC’s
website at http://www.sec.gov.
The warrants and shares issuable upon exercise
of the warrants offered in the concurrent private placement have
not been registered under the Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent
registration with the SEC or an applicable exemption from such
registration requirements.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About Energy Focus
Energy Focus is an industry-leading innovator of
energy-efficient LED lighting technologies and solutions. As the
creator of the first flicker-free LED products on the U.S. market,
Energy Focus products provide extensive energy and maintenance
savings, and aesthetics, safety, health and sustainability benefits
over conventional lighting. Our customers include U.S. and foreign
navies, U.S. federal, state and local governments, healthcare and
educational institutions, as well as Fortune 500 companies. Energy
Focus is headquartered in Solon, Ohio. For more information, visit
our website at www.energyfocus.com
Forward Looking Statements:
Forward-looking statements in this release are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Generally, these
statements can be identified by the use of words such as
“believes,” “estimates,” “anticipates,” “expects,” “seeks,”
“projects,” “intends,” “plans,” “may,” “will,” “should,” “could,”
“would” and similar expressions intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. These forward-looking
statements include all matters that are not historical facts and
include statements regarding our current expectations concerning,
among other things, statements regarding the registered direct
offering and concurrent private placement, the intended use of
proceeds and the timing of the closing of the offering. By their
nature, forward-looking statements involve risks and uncertainties
because they relate to events and depend on circumstances that may
or may not occur in the future. Although we base these
forward-looking statements on assumptions that we believe are
reasonable when made, we caution you that forward-looking
statements are not guarantees of future performance. Actual results
may differ materially from our forward-looking statements due to,
among other things, market conditions, failure to satisfy the
closing conditions of the offering, our results of operations and
financial condition. Any forward-looking statements speak only as
of the date on which they are made, and except as may be required
under applicable securities laws, we do not undertake any
obligation to update any forward-looking statements, except as
required by law.
Media and Investor Contacts:DGI
Comm212-825-3210ir@energyfocus.com
Energy Focus (NASDAQ:EFOI)
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