RGS Energy (RGSE) Updates on Recent Note Conversions, Outstanding Share Oount

November 21, 2016 1:23 PM EST

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Real Goods Solar, Inc. (RGSE) disclosed the following in a U.S. SEC filing on Moday:

Item 8.01 Other Events

This Current Report on Form 8-K is being filed to advise interested parties of the number of shares of Class A common stock of Real Goods Solar, Inc. (the “Company”) that are issued and outstanding.

In accordance with the terms of the Senior Secured Convertible Notes due April 1, 2019 (the “Notes”), during the period beginning on November 10, 2016 and ending at 4:00 pm ET on November 21, 2016, the Company offered to the holders of the Notes (each, a “Holder”) a temporary reduction of the conversion price of the Notes to 50% of the lowest volume-weighted average price of the Company’s Class A common stock during the five days preceding the submission of a conversion notice per share of Class A common stock. As a result, Holders have converted an aggregate of approximately $0.9 million of principal and interest due under the Notes at conversion prices between $0.345 and $0.3839 per share of Class A common stock and the Company has issued 2,654,166 shares of Class A common stock as of November 18, 2016.

As of November 18, 2016 after giving effect to the conversions described above, there were 11,153,102 shares of Class A common stock issued and outstanding.

In addition, the Company has offered to Holder an additional temporary reduction of the conversion price of the Notes of $0.25 per share during the period beginning on November 20, 2016 and ending at 9:29am ET on November 21, 2016. As a result, Holders have converted an aggregate of approximately $0.6 million of principal and interest due under the Notes at a conversion price of $0.25 per share of Class A common stock and the Company has issued 2,270,960 shares of Class A common stock as of the time of filing of this Current Report on Form 8-K on November 21, 2016.

The Company expects to continue to offer the Holders the ability to convert the remaining amounts owed under the Notes at a reduced fixed conversion price as deemed appropriate and in the Company’s best interest.

As of the time of filing of this Current Report on Form 8-K on November 21, 2016, including the transactions described above, Holders have converted an aggregate of $9.5 million of principal and interest under the Notes, and the Company has issued 10,891,852 shares of Class A common stock at conversion prices between $0.25 and $1.74 per share. After giving effect to the conversions made as of the time of filing of this Current Report on November 21, 2016, there remains outstanding Notes with an aggregate principal amount of approximately $1.2 million.

As of the time of filing of this Current Report on Form 8-K on November 21, 2016, including the transactions described above, there are 13,424,062 shares of Common Stock issued and outstanding.



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