RGS Energy (RGSE) Prices Unit Offering for Proceeds of ~$2.2M

September 9, 2016 9:17 AM EDT

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RGS Energy (Nasdaq: RGSE) announced that it has priced a public offering of 2,800 units of securities where each Unit is comprised of one share of Series A 12.5% Mandatorily Convertible Preferred Stock, stated value $1,000.00 per share, which is convertible into shares of Real Goods Solar, Inc. Class A common stock, par value $0.0001 per share (the “Common Stock”), at an initial conversion price of $5.50, and one Series H Warrant exercisable into 181.8181 shares of Common Stock at an initial exercise price of $5.50 in an underwritten public offering with each Unit priced at $1,000.00 per Unit. The net proceeds of the offering after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $2.2 million. Roth Capital Partners is acting as the sole book-running manager and WestPark Capital, Inc. as the co-manager for the offering.

RGS Energy expects to close the sale of the Units on or about Wednesday, September 14, 2016, subject to customary closing conditions. RGS Energy expects to use the proceeds from the offering for general corporate purposes including, without limitation, to reduce current accounts payable balances, to repay indebtedness under its revolving line of credit and to increase sales and operational capabilities with any remainder for general working capital purposes.



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